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Munk School of Global Affairs

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The G20 Toronto Summit Commitments

Compiled by G20 Research Group at the Munk School of Global Affairs, University of Toronto,
and the International Organisations Research Institute of the Higher School of Economics.
Commitments contained in the G20 Toronto Summit Declaration
issued in Toronto on June 27, 2010
Total number of commitments = 61

• Preamble
• The Framework for Strong, Sustainable and Balanced Growth
• Financial Sector Reform
• International Financial Institutions and Development
• Fighting Protectionism and Promoting Trade and Investment
• Other Issues and Forward Agenda

Preamble

1. We are determined to be accountable for the commitments we have made, and have instructed our Ministers and officials to take all necessary steps to implement them fully within agreed timelines. (Accountability)

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The Framework for Strong, Sustainable and Balanced Growth

2. We will continue to co-operate and undertake appropriate actions to bolster economic growth and foster a strong and lasting recovery. (Macro)

3. We are committed to taking concerted actions to sustain the recovery, create jobs and achieve stronger, more sustainable and more balanced growth. (Macro)

4. [We agreed today on:] Following through on fiscal stimulus (Macro)

5. [We agreed today on: Following through on] communicating “growth friendly” fiscal consolidation plans in advanced countries that will be implemented going forward. (Macro)

6. Advanced economies have committed to fiscal plans that will at least halve deficits by 2013 (Macro)

7. [Advanced economies have committed to fiscal plans that will] stabilize or reduce government debt-to-GDP ratios by 2016. (Macro)

8. Fiscal consolidation plans will be credible; clearly communicated; differentiated to national circumstances, and focused on measures to foster economic growth. (Macro)

9. [We agreed today on:] Strengthening social safety nets (socioeconomic)

10. [We agreed today on:] enhancing corporate governance reform (Good Governance)

11. [We agreed today on: enhancing] financial market development (Macro)

12. [We agreed today on: enhancing] infrastructure spending (Macro)

13. [We agreed today on: enhancing] greater exchange rate flexibility in some emerging markets; (Macro)

14. [We agreed today on:] Pursuing structural reforms across the entire G20 membership to increase and sustain our growth prospects; (Macro)

15. [We agreed today on:] Making more progress on rebalancing global demand. (Macro)

16. Advanced deficit countries should take actions to boost national savings while maintaining open markets and enhancing export competitiveness. (Macro)

17. Surplus economies will undertake reforms to reduce their reliance on external demand and focus more on domestic sources of growth. (Macro)

18. We are committed to narrowing the development gap (Development)

19. we must consider the impact of our policy actions on low-income countries. (Development)

20. We will continue to support development financing, including through new approaches that encourage development financing from both public and private sources. (Development)

21. We have agreed that the second stage of our country-led and consultative mutual assessment will be conducted at the country and European level and that we will each identify additional measures, as necessary, that we will take toward achieving strong, sustainable, and balanced growth. (Macro)

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Financial Sector Reform

22. We pledge to act together to achieve the commitments to reform the financial sector made at the Washington, London and Pittsburgh Summits by the agreed or accelerated timeframes (Finance).

23. We are committed to international assessment and peer review to ensure that all our decisions are fully implemented (Accountability).

24. We support reaching agreement at the time of the Seoul Summit on the new capital framework (Finance).

25. We agreed that all members will adopt the new standards and these will be phased in over a timeframe that is consistent with sustained recovery and limits market disruption, with the aim of implementation by end-2012, and a transition horizon informed by the macroeconomic impact assessment of the Financial Stability Board (FSB) and BCBS. (Finance)

26. We agreed to strengthen financial market infrastructure by accelerating the implementation of strong measures to improve transparency and regulatory oversight of hedge fund, credit rating agencies and over-the-counter derivatives, in an internationally consistent and non-discriminatory way. (Finance)

27. We re-emphasized the importance of achieving a single set of high quality improved global accounting standards (Finance)

28. [We re-emphasized the importance of achieving] the implementation of the FSB’s standards for sound compensation (Finance).

29. We agreed that new, stronger rules must be complemented with more effective oversight and supervision. (Finance)

30. We tasked the FSB, in consultation with the IMF, to report to our Finance Ministers and Central Bank Governors in October 2010 on recommendations to strengthen oversight and supervision, specifically relating to the mandate, capacity and resourcing of supervisors and specific powers which should be adopted to proactively identify and address risks, including early intervention. (Finance)

31. We are committed to design and implement a system where we have the powers and tools to restructure or resolve all types of financial institutions in crisis, without taxpayers ultimately bearing the burden, and adopted principles that will guide implementation. (Finance)

32. We called upon the FSB to consider and develop concrete policy recommendations to effectively address problems associated with, and resolve systemically important financial institutions by the Seoul Summit. (Finance)

33. We have strengthened our commitment to the IMF/World Bank Financial Sector Assessment Program (FSAP) and pledge to support robust and transparent peer review through the FSB. (Finance)

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International Financial Institutions and Development

34. We commit to strengthening the legitimacy, credibility and effectiveness of the IFIs to make them even stronger partners for us in the future. (IFI Reform)

35. We will fulfill our commitment to ensure an ambitious replenishment for the concessional lending facilities of the MDBs, especially the International Development Association and the African Development Fund. (Development)

36. We underscore our resolve to ensure ratification of the 2008 IMF Quota and Voice Reforms and expansion of the New Arrangements to Borrow (NAB). (IFI Reform)

37. We called for an acceleration of the substantial work still needed for the IMF to complete the quota reform by the Seoul Summit and in parallel deliver on other governance reforms, in line with commitments made in Pittsburgh. (IFI Reform)

38. Today we build on our earlier commitment to open, transparent and merit-based selection processes for the heads and senior leadership of all the IFIs. We will strengthen the selection processes in the lead up to the Seoul Summit in the context of broader reform. (IFI Reform)

39. We agreed to task our Finance Ministers and Central Bank Governors to prepare policy options to strengthen global financial safety nets for our consideration at the Seoul Summit. (socioeconomic)

40. We stand united with the people of Haiti and are providing much-needed reconstruction assistance, including the full cancellation of all of Haiti’s IFI debt. (Development)

41. We have launched the SME Finance Challenge and commit to mobilizing funding for implementation of winning proposals, including through the strong support of the MDBs. (Development)

42. Looking ahead, we commit to exploring innovative, results-based mechanisms to harness the private sector for agricultural innovation. (Food and Agriculture)

43. We call for the full implementation of the L’Aquila Initiative and the application of its principles. (Food and Agriculture)

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Fighting Protectionism and Promoting Trade and Investment

44. As such, we renew for a further three years, until the end of 2013, our commitment to refrain from raising barriers or imposing new barriers to investment or trade in goods and services, imposing new export restrictions or implementing World Trade Organization (WTO)-inconsistent measures to stimulate exports (Trade)

45. [we] commit to rectify such measures as they arise. (Trade)

46. We will minimize any negative impact on trade and investment of our domestic policy actions, including fiscal policy and action to support the financial sector. (Trade)

47. We ask the WTO, OECD and UNCTAD to continue to monitor the situation within their respective mandates, reporting publicly on these commitments on a quarterly basis. (Trade)

48. We ask the OECD, the ILO, World Bank, and the WTO to report on the benefits of trade liberalization for employment and growth at the Seoul Summit. (Trade)

49. We therefore reiterate our support for bringing the WTO Doha Development Round to a balanced and ambitious conclusion as soon as possible, consistent with its mandate and based on the progress already made. (Trade)

50. We direct our representatives, using all negotiating avenues, to pursue this objective, and to report on progress at our next meeting in Seoul, where we will discuss the status of the negotiations and the way forward. (Trade)

51. We commit to maintain momentum for Aid for Trade. (Trade)

52. We also ask international agencies, including the World Bank and other Multilateral Development Banks to step up their capacity and support trade facilitation which will boost world trade. (Trade)

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Other Issues and Forward Agenda

53. We call for the ratification and full implementation by all G20 members of the United Nations Convention against Corruption (UNCAC) and encourage others to do the same. (Corruption)

54. We will fully implement the reviews in accordance with the provisions of UNCAC. (Corruption)

55. Building on the progress made since Pittsburgh to address corruption, we agree to establish a Working Group to make comprehensive recommendations for consideration by Leaders in Korea on how the G20 could continue to make practical and valuable contributions to international efforts to combat corruption and lead by example, in key areas that include, but are not limited to, adopting and enforcing strong and effective anti-bribery rules, fighting corruption in the public and private sectors, preventing access of corrupt persons to global financial systems, cooperation in visa denial, extradition and asset recovery, and protecting whistleblowers who stand-up against corruption. (Corruption)

56. We reiterate our commitment to a green recovery and to sustainable global growth. (Climate Change)

57. Those of us who have associated with the Copenhagen Accord reaffirm our support for it and its implementation and call on others to associate with it. (Climate Change)

58. We are committed to engage in negotiations under the UNFCCC on the basis of its objective provisions and principles including common but differentiated responsibilities and respective capabilities and are determined to ensure a successful outcome through an inclusive process at the Cancun Conferences. (Climate Change)

59. In this regard [referencing the MDGs and the importance of supporting the poorest countries] it is important to work with Least Developed Countries (LDCs) to make them active participants in and beneficiaries of the global economic system. (Development)

60. [We note with appreciation the report on energy subsidies from the International Energy Agency (IEA), Organization of the Petroleum Exporting Countries (OPEC), OECD and World Bank. We welcome the work of Finance and Energy Ministers in delivering implementation strategies and timeframes, based on national circumstances, for the rationalization and phase out over the medium term of inefficient fossil fuel subsidies that encourage wasteful consumption, taking into account vulnerable groups and their development needs.] We also encourage continued and full implementation of country-specific strategies and will continue to review progress towards this commitment at upcoming summits. (Energy)

61. We agree to establish a Working Group on Development and mandate it to elaborate, consistent with the G20’s focus on measures to promote economic growth and resilience, a development agenda and multi-year action plans to be adopted at the Seoul Summit. (Development)

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This page was last updated June 29, 2011 .

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