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17 november 2014

G20 Agree on World Economic Growth Agenda

G20 summit has been going on in Brisbane Australia November 15-16, 2014. This meeting was the culmination of a series of G20 meetings throughout 2014, and the ninth time since the establishment of the G20 in 2008. At this summit, the delegation headed by the President of Indonesia, Joko Widodo, Accompanied by Minister Foreign Affairs Retno LP Marsudi, Finance Minister Bambang Brodjonegoro, secretary of the Cabinet Andi Widjajanto, and G20 Sherpa Indonesia Mahendra Siregar.

The theme of this summit is to strengthen the growth and resilience of the global economy. The discussion conducted at the retreat session, the global economy, trade, economic resilience, energy, and future challenges of the G20.

G20 summit agreed on the final two documents, namely: Joint Communique, which was presented in Brisbane Action Plan, and 11 other final document is specific and sectoral. The main result of this G20 summit include: efforts to increase GDP increase in G20 countries by 2.1% until 2018, which adds to the global economy of $ 2 trillion; agreement reduces the cost of delivery of remittances globally by up to 5%; completion of the Base Erosion and Profit Shifting (BEPS) in 2015 as a basis for preventing tax evasion (tax evasion) in cross-border transactions. Shaping the Global Infrastructure facilitation hub to support the Global Infrastructure Initiative (GII).

In addition, the Leaders also agreed on a joint statement expressed concern over the spread of Ebola and called for humanitarian aid.

At the G20 summit, the President has expressed a view on the retreat session, the session economic resilience, and energy sessions. The President generally convey the main points of view related experience to make improvements and reforms in Solo and Jakarta. The President also stated that the agenda of the next priorities related to the increase of daylight through the establishment of a national one-stop service; reduction in oil subsidies; social infrastructure development is a human quality to avoid the middle income trap; need for monitoring development outcomes in a transparent manner.

While in Brisbane, the President also held a bilateral meeting with Australian Prime Minister, the German Chancellor, the French President, Prime Minister of Turkey, and the Italian Prime Minister. The President also took time to review the Port of Brisbane, and conduct meetings of the society.

For information, the G20 is a forum of cooperation between the 20 countries with the largest economies in the world. Overall, the G20 consists of 85% of global GDP, 75% of global trade, 65% of the population in the world. G20 is the premier forum for international economic cooperation deal.

With membership in the G20, Indonesia became one of the countries that will determine the development of the global economy. Indonesia's participation in the G20 summit this time is very relevant to Indonesia because of the G20 agreed to add a higher growth of 2.1% until 2018, which would certainly have a positive impact on economic growth in Indonesia.

(Source: Dit. PELH / DG. Multilateral).

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