22 July 2018
Argentina’s President, Mauricio Macri, addressed senior G20 officials at the close of the Third Meeting of Finance Ministers and Central Bank Governors.“The G20 is much more than a Declaration of Leaders; it is a gradual process of plural dialogue and global negotiation,” said the Argentine President at the end of the two-day meeting held at the Buenos Aires Exhibition & Convention Centre (CEC). “The discussions that take place in this forum have an impact on each of the citizens of our countries,” he added.
Before 57 heads of delegation, including ministers, central bank governors and senior officials from international organizations, Macri promoted actions “to achieve a more inclusive growth.”
He emphasized the progress made on the ministerial meetings because they “allow us to build trust, forge links between our officials and develop multilateral cooperation agendas.” Regarding the Leaders’ Summit on 30 November and 1 December, he called for a clear and concise communiqué “to reach those men and women who wake up early every morning to dynamize our economies.”The Argentine President also thanked the international support provided to Argentina and encouraged senior officials “to continue to work to achieve concrete results that reflect the effectiveness and relevance of the G20 for the world in which we live.”After his remarks, as of 3.30 pm local time, the President had separate bilateral meetings with Felipe Larraín, Chilean Minister of Finance; Bruno Le Maire, French Minister of Economy & Finance; and Steven Mnuchin, US Secretary of the Treasury. Earlier, on Friday, before the ministerial meeting began, the President dined with Christine Lagarde, IMF Managing Director, at the presidential residence in Olivos.
Argentine Treasury Minister Dujovne and Central Bank President Caputo highlight key G20 role in global governance
At the close of the finance ministerial in Buenos Aires, the Argentine G20 presidency also stressed the group’s consensus on the contribution of trade to economies.
The Third G20 Meeting of Finance Ministers and Central Bank Governors finished today in Buenos Aires with a press conference by the meeting’s chairs, Argentina’s Minister of Finance, Nicolás Dujovne, and the President of the Argentine Central Bank, Luis Caputo. Both officials alluded to the role of the G20 in global governance and concurred on the contribution of trade to economies. These conclusions were reflected in the meeting’s official communiqué.
“This meeting has shown that the G20 continues to be the most relevant forum in the world; over the course of the meeting, we built unanimous consensus on several items on the economic agenda,” Dujovne said. “We made huge progress and achieved tangible results.”
“We restated that trade and investment are engines of growth, productivity, innovation, job creation and development,” added Dujovne, in reference to the discussions on the global economy. “We have committed to doubling our efforts to bolster dialogue in these areas.”
Meanwhile, Caputo alluded to progress made on discussions around infrastructure for development, one of priorities of the Argentine G20 presidency. He highlighted the importance of “capturing private investment, which today amounts to USD 80 trillion. Only 1% to 1.5% of this goes to infrastructure… We endorse the guidelines that will help us build a portfolio of projects that are easier to finance,” he added.
The Argentine Central Bank President also pointed to financial inclusion, which “contributes to growth and to better standards of living for all citizens.” In this regard, he added that “an emphasis was placed on digitalization and on the benefits it may bring, particularly for least developed countries, where informal sectors are a considerable component of the economy.” He defined “digitalization as a first step towards formalizing economies.”
Two more finance ministerial meetings are scheduled before the 2018 Leaders’ Summit: the fourth ministerial takes place on 11 and 12 October in Bali, Indonesia, and the fifth and final ministerial is scheduled for 29 November in Buenos Aires.
G20 puts forward menu of public policies to tackle challenges posed by the future of work
Including over 80 examples of initiatives already in place, the document acknowledges the need to support people with technological transitions
Over the course of the Third G20 Meeting of Finance Ministers and Central Bank Governors, world finance and economic leaders endorsed an authoritative and comprehensive menu of policy options on the future of work, one of the priorities of the Argentine G20 presidency this year.
The policy document contains 80 proposals relating to tax systems, public expenditure, competition conditions and data measurement, that seek to harness the opportunities and tackle the challenges posed by technological transitions. It acknowledges that G20 member countries are already taking actions to address these issues, and provides 68 examples of policies already being carried out by different countries.
The menu is framed around four overarching objectives – harness the benefits of technology for growth and productivity, support people during transitions, secure sustainable tax systems and ensure the best possible evidence to inform decision-making.
Ensuring gender perspectives are considered in the way policies are elaborated, the document invites countries to “consider policies to support more women participation in STEM education, research, innovation, industries and entrepreneurship.”
The menu also points to the need to balance maternity and work: “Policies could be considered to facilitate women’s participation in the labour force, by improving access to quality child-care services or reducing disincentives in some tax systems for second earners to work.”
This is the first time the future of work has been comprehensively addressed by G20 finance ministers and central bank governors. The document was given impetus by the Argentine G20 presidency, drafted with the support of international organizations such as the World Bank, the International Monetary Fund and the International Labour Organization, and endorsed by all G20 member countries.
