What are the major objectives of the G-20 Framework Working Group
The final two-day meet of G-20 Framework Working Group is going to be held in Raipur from September 18.
The G-20 Framework Working Group focuses on addressing global economic challenges and fostering international cooperation. The major objectives of the group can be summarized as follows:
- Promote sustainable and inclusive economic growth: The group aims to enhance collaboration among G-20 countries to promote stable and sustainable economic growth worldwide. This includes addressing structural issues and implementing appropriate policies to promote job creation and productivity.
- Support international financial system stability: The group works towards strengthening the resilience of the global financial system and preventing the occurrence of financial crises. This involves enhancing coordination among G-20 members, improving risk management practices, and addressing potential vulnerabilities in the global financial system.
- Promote global economic and financial governance: The group endeavors to promote a more inclusive and effective global economic and financial governance system. This includes advocating for reforms in international institutions like the International Monetary Fund (IMF), World Bank, and other relevant organizations to reflect the changing global economic landscape.
- Promote macroeconomic policy coordination: The group seeks to enhance coordination of macroeconomic policies among G-20 countries to ensure stability and sustainable growth. This involves fostering dialogue, sharing best practices, and coordinating policy actions to address global macroeconomic imbalances and promote efficient use of resources.
- Enhance infrastructure investment: The group recognizes the importance of infrastructure investment in promoting economic growth and development. It aims to encourage infrastructure investment in both advanced and developing economies by fostering a conducive policy environment and promoting public-private partnerships.
- Promote international trade and investment: The group emphasizes the importance of open, fair, and rules-based international trade and investment. It seeks to address barriers and obstacles to trade and investment flows, promote economic integration, and support the multilateral trading system.
- Foster innovation and digitalization: The group recognizes the role of innovation and digitalization in driving economic growth and productivity. It aims to promote policies that encourage innovation, enhance digital connectivity, foster digital skills, and address emerging challenges posed by the digital economy.
- Enhance financial inclusion: The group is committed to promoting financial inclusion, particularly for vulnerable and marginalized groups. It seeks to improve access to financial services, promote financial literacy, and develop appropriate regulations to ensure the stability and integrity of the financial system.
- Promote sustainable development: The group recognizes the importance of sustainable development for long-term global prosperity. It aims to promote sustainable economic, social, and environmental practices, support the implementation of the United Nations' Sustainable Development Goals, and address climate change challenges
Answered
a year ago