The leaders of the world‘s 20 largest economies will pledge on Sunday to pay for an equitable distribution of COVID-19 vaccines, drugs and tests around the world so that poorer countries are not left out and unified A draft G20 communique shown to grant debt relief.
“We will spare no effort to ensure their affordable and equitable access for all people, in line with the commitments of members to create incentives for innovation,” said the heads of state and government in Reuters’ draft G20 declaration. “We recognize the role of comprehensive immunization as a global public good.”
The leaders said the world economy is beginning to recover, but the recovery is “uneven, highly uncertain and subject to increased downside risks.”
They pledged to continue using all available policy tools to safeguard lives, jobs and incomes, and encouraged multilateral development banks to step up their efforts to deal with the crisis.
The European Union has requested $ 4.5 billion from the G20 by the end of the year to fund the COVID-19 instruments of war for poorer countries.
The draft also calls on private creditors to join the debt service moratorium, which the G20 intends to extend until mid-2021 and possibly longer, and advocates a common framework for addressing debt issues beyond that.
“There is a lack of participation from private creditors and we strongly encourage them to participate on comparable terms if requested by the eligible countries,” it said.
Leaders also recognized the particular challenges faced by countries in Africa and small island developing States, reflecting the growing awareness that even some middle-income countries may need debt relief due to the pandemic.
In order to be better prepared for a possible next pandemic, the G20 leaders said they would commit to “advancing global pandemic preparedness, prevention, detection and response” and “continue to share timely, transparent and standardized data and “information”.
BOLDER ON TRADE, CLIMATE
As Democrat Joe Biden – an avowed multilateralist – prepares to replace Donald Trump as US President in two months, the G20 declaration struck a bold tone on international trade, climate change and the role of the World Health Organization.
Trump, who advocated bilateral agreements, has scaled back support for multilateral institutions like the World Trade Organization and this year threatened to leave the World Health Organization unless reformed. His government had also previously blocked any mention of climate change in G20 communications
“Support for the multilateral trading system is still important. We strive to achieve the goal of a free, fair, inclusive, non-discriminatory, transparent, predictable and stable trading and investment environment and to keep our markets open.” the G20 declaration said.
The G20 also said they were pursuing a path to tax international tech giants like Google, Amazon, Facebook, Apple or Microsoft so they could pay their fair share of taxes.
Internet giants have benefited greatly from the shift to teleworking imposed on the global economy by the pandemic, and European countries have long pushed for them to be taxed where they make their profits rather than their subsidiaries for tax optimization purposes. But the initiative has so far been stalled by the Trump administration.
The upcoming changing of the guard at the White House also seemed to unlock the bolder G20 language on climate change.
“The prevention of environmental degradation, the conservation, sustainable use and restoration of biological diversity, the preservation of our oceans, the promotion of clean air and clean water, the response to natural disasters and extreme weather events and the fight against climate change are among the most pressing challenges of our time” so the G20 draft declaration said.
“As we recover from the pandemic, we are committed to protecting our planet and building a greener and more inclusive future for all people,” it said.
(This story was not edited by GossipMantri staff and is automatically generated from a syndicated feed.)