Sydney to host G20 meeting

By Bizclik Editor

The 20 countries that preside over 85 percent of the world economy will be meeting this weekend in Sydney to discuss challenges and possible solutions in the major and emerging economies of today. Finance ministers and central bank governors from the following countries are included in the discussions: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and the European Union.

Australia is starting its one-year presidency of the G20 with this meeting; Treasurer Joe Hockey will be co-chairing the event with Reserve Bank governor Glenn Stevens. Prime Minister Tony Abbott is hoping the co-chairs focus on promoting freer trade, greater infrastructure investment and fairer taxation of big global companies.

Read related articles in Business Review Australia

This meeting and the following year under Australia’s presidency of the G20 will be a tough one. The critical attitude several developing countries have towards industrialized countries, particularly the United States, will require attention. Some claim that “international monetary cooperation has broken down,” and many do not like the US Federal Reserve’s policy of “tapering” the stimulus measures it’s been directing into the US economy.  Raghuram Rajan, India’s highly respected central bank governor, was the first to comment on these issues; his comments were later shared by South Africa’s Finance Minister, Pravin Gordhan.

Rajan has made it clear that emerging companies were responsible in part for raising the global economy out of the global financial crisis, and that it would be wrong to now ignore their contributions to the effort. Hockey’s position thus far on this issue has been one of support for the US, so talks could be tense. The US has also lagged on pushing through International Monetary Fund (IMF) reforms, which would allow emerging economies a bigger say in the international financial system.

These disputes could overshadow other pressing topics, and the G20 will rely on co-chairs Hockey and Stevens to make sure the main goals are not sidetracked. There are several other items on the agenda, including “proposals to boost global growth, especially infrastructure investment, implementation of financial system regulations, the harmonisation of international tax rules to reduce tax evasion and a push to give developing countries a bigger say at the IMF.”

Share

Featured Articles

Welcome to the New Age of the CISO

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

Making the UAE the world’s strongest digital fortress

His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on visionary plans to build the world’s most secure digital society

World Mental Health Day – 10 apps to improve wellbeing

Employers should recognise the growing use of apps to help support mental health – here are 10 to consider on World Mental Health Day

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy

Best new books that will make you a better leader

Leadership & Strategy

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Leadership & Strategy