Leaders’ Declaration
November 11 – 12, 2010
The Seoul Action Plan composed of comprehensive, cooperative and country-specific policy actions to move closer to our shared objective. The Plan includes our commitment to:
THE SEOUL SUMMIT DOCUMENT
Framework for Strong, Sustainable and Balanced Growth
The Seoul Action Plan
International Financial Institution Reforms
Modernized IMF governance
Surveillance
Multilateral Development Banks
Strengthened global financial safety nets
A. A structured approach to cope with shocks of a systemic nature.
B. Ways to improve collaboration between RFAs and the IMF across all possible areas and enhance the capability of RFAs for crisis prevention, while recognizing region-specific circumstances and characteristics of each RFA.
Financial Sector Reforms
Transformed financial system to address the root causes of the crisis
Implementation and international assessment, including peer review
Future work: Issues that warrant more attention
Fighting Protectionism and Promoting Trade and Investment
Seoul Development Consensus for Shared Growth
a) Facilitate increased investment from public, semi-public and private sources and improve the implementation and maintenance of national and regional infrastructure projects in sectors where there are bottlenecks. We agree to establish a High-Level Panel (HLP) to recommend measures to mobilize infrastructure financing and review MDBs’ policy frameworks. We will announce the Chair of the HLP by December 2010;
b) Improve the development of employable skills matched to employer and labor market needs in order to enhance the ability to attract investment, create decent jobs and increase productivity. We will support the development of internationally comparable skills indicators and the enhancement of national strategies for skills development, building on the G20 Training Strategy;
c) Improve the access and availability to trade with advanced economies and between developing and LICs. Our action plans on trade are discussed in paragraphs 42 to 45 above;
d) Identify, enhance and promote responsible private investment in value chains and develop key indicators for measuring and maximizing the economic and employment impact of private sector investment;
e) Enhance food security policy coherence and coordination and increase agricultural productivity and food availability, including by advancing innovative results-based mechanisms, promoting responsible agriculture investment, fostering smallholder agriculture, and inviting relevant international organizations to develop, for our 2011 Summit in France, proposals to better manage and mitigate risks of food price volatility without distorting market behavior. We also welcome the progress of the Global Agriculture and Food Security Program, as well as that of other bilateral and multilateral channels, including the UN Committee on World Food Security, and invite further contributions;
f) Improve income security and resilience to adverse shocks by assisting developing countries enhance social protection programs, including through further implementation of the UN Global Pulse Initiative, and by facilitating implementation of initiatives aimed at a quantified reduction of the average cost of transferring remittances;
g) Increase access to finance for the poor and small and medium enterprises (SMEs). Our action plans for financial inclusion and associated implementation mechanisms are discussed in paragraphs 55 to 57 below;
h) Build sustainable revenue bases for inclusive growth and social equity by improving developing country tax administration systems and policies and highlighting the relationship between non-cooperative jurisdictions and development; and
i) Scale up and mainstream sharing of knowledge and experience, especially between developing countries, in order to improve their capacity and ensure that the broadest range of experiences are used to help tailor national policies.
Financial Inclusion
Energy
Fossil Fuel Subsidies
Fossil Fuel Price Volatility
Global Marine Environment Protection
Climate Change and Green Growth
Anti-Corruption
Business Summit
Consultation
ANNEXES (www.seoulsummit.kr/outcomes)
I. Policy Commitments by G20 Members