G20 Osaka Leaders’ Declaration: global challenges, labour & employment, 2030 Agenda for Sustainable Development and digitalization

G20 Osaka Leaders’ Declaration. These are the main conclusions of G20 Osaka Leader´s Declaration (digitalization, the impact of technology, 2030 Agenda for Sustainable Development and global challenges:

Global growth

Global growth appears to be stabilizing, and is generally projected to pick up moderately later this year and into 2020. This recovery is supported by the continuation of accommodative financial conditions and stimulus measures taking effect in some countries.

However, growth remains low and risks remain tilted to the downside. Most importantly, trade and geopolitical tensions have intensified. We will continue to address these risks, and stand ready to take further action.

Fiscal policy should be flexible and growth-friendly while rebuilding buffers where needed and ensuring debt as a share of GDP is on a sustainable path. Monetary policy will continue to support economic activity and ensure price stability, consistent with central banks’ mandates.

Central bank decisions need to remain well communicated. Continued implementation of structural reforms will enhance our growth potential. We also reaffirm the exchange rate commitments made by our Finance Ministers and Central Bank Governors in March 2018.

Innovation: Digitalization, Data Free Flow with Trust

Innovation is an important driver for economic growth, which can also contribute to advancing towards the SDGs and enhancing inclusiveness.

We will work toward achieving an inclusive, sustainable, safe, trustworthy and innovative society through digitalization and promoting the application of emerging technologies. We share the notion of a human-centered future society, which is being promoted by Japan as Society 5.0.

As digitalization is transforming every aspect of our economies and societies, we recognize the critical role played by effective use of data, as an enabler of economic growth, development and social wellbeing. We aim to promote international policy discussions to harness the full potential of data.

Cross-border flow of data, information, ideas and knowledge generates higher productivity, greater innovation, and improved sustainable development, while raising challenges related to privacy, data protection, intellectual property rights, and security.

By continuing to address these challenges, we can further facilitate data free flow and strengthen consumer and business trust. In this respect, it is necessary that legal frameworks, both domestic and international, should be respected. Such data free flow with trust will harness the opportunities of the digital economy. We will cooperate to encourage the interoperability of different frameworks, and we affirm the role of data for development.

Crypto-Assets

Technological innovations can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we are closely monitoring developments and remain vigilant to existing and emerging risks.

We welcome on-going work by the Financial Stability Board (FSB) and other standard setting bodies and ask them to advise on additional multilateral responses as needed. We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism. We welcome the adoption of the Financial Action Task Force (FATF) Interpretive Note and Guidance.

Labour and Employment

Population ageing is progressing in G20 members at different rates. Taking into account the commonalities and differences among G20 demographics, we recognize the importance of promoting an healthy and active ageing society that enables workers to participate in the labour market at older ages, while continuing to increase participation of youth, women and persons with disabilities in economic activities.

We will boost job creation and flexible work arrangements, seek to raise quality of employment and enhance employability of workers through lifelong learning as working lives are expected to be longer, and strive towards improving the working conditions for all including, long-term care workers in accordance with national circumstances.

Women’s Empowerment

Gender equality and women’s empowerment are essential for achieving sustainable and inclusive economic growth. We reconfirm their importance in all aspects of our policies and as a cross-cutting issue at upcoming Summits. We note that further progress has been made towards the Brisbane Goal, to reduce the gap in labour force participation between men and women by 25 per cent by 2025.

We take note of the progress report Women at Work in G20 Countries prepared by the International Labour Organization (ILO) and OECD, and acknowledge the need to accelerate our efforts.

2030 Agenda

With a view to the United Nations High Level Political Forum and High-level Dialogue on Financing for Development in September, we remain resolved to playing a leading role in contributing to the timely implementation of the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda.

We recognize that international public and private finance for development as well as other innovative financing mechanisms, including blended finance, can play an important role in upscaling our collective efforts.

Building on the G20’s Action Plan on the 2030 Agenda for Sustainable Development, the Osaka Update underscores the G20’s collective and concrete actions contributing to the implementation of the 2030 Agenda and helping to ensure that “no one is left behind”. We welcome the Osaka Comprehensive Accountability Report.

We support developing countries in their efforts to advance progress towards the timely implementation of the SDGs in such areas as poverty eradication, quality infrastructure investment, gender equality, health, education, agriculture, environment, energy, and industrialization, using all means of implementation, such as the mobilization of private sector resources and capacity building assistance.

We reaffirm our commitment to invest in human capital and promote inclusive and equitable quality education for all as emphasized in the G20 Initiative on Human Capital Investment for Sustainable Development. Recognizing the importance of science, technology and innovation (STI) for SDGs, we endorse the Guiding Principles for the Development of STI for SDGs Roadmaps