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Russia’s G20 Presidency strategic agenda

December 30, 2012

This paper outlines a strategic agenda proposed by Russia for the G20 in 2013 and highlights the specific priorities of the Russian G20 Presidency. Its purpose is to serve as a guide for the preparation of meetings and documents throughout the year, as well as to set the objectives for the G20 Leaders Summit in St.Petersburg, September 5-6 2013. Russia will exert its maximum effort to reach tangible results on the most pressing issues on the global agenda by setting a stage for thoughtful discussions.

Introduction

This paper outlines a strategic agenda proposed by Russia for the G20 in 2013 and highlights the specific priorities of the Russian G20 Presidency. Its purpose is to serve as a guide for the preparation of meetings and documents throughout the year, as well as objectives for the G20 Leaders’ Summit in Saint Petersburg, September 5-6 2013. Russia will do its best to reach tangible results on the most pressing issues on the global agenda by setting a stage for thoughtful discussions.

Section 1 describes the overall state of global economy and formulates the role of the G20 in solving the global problems.

Section 2 presents the priority topics of the Russian Presidency. Russia sees ensuring continuity and providing additional impetus to the ongoing activities of the G20 as one of its main tasks. At the same time, the section provides an opportunity to understand Russia’s viewpoint and become aware of the specific focus areas proposed by Russia among the traditional areas of concern. In addition, Russia puts forward several new discussion topics. Section 2 also depicts general approaches of the Russian Federa­tion to its G20 Presidency. It contains a discussion of the core principles that Russia would like to promote in the G20, as well as Russia’s vision of how the G20 working process should be organized in 2013.

Finally, Section 3 and Annex contain the description of the major G20 of­ficial events, and a preliminary calendar of the key seminars and events scheduled to be held throughout the year of the Russian Presidency.

1. Driving the growth of the global economy: the role of the G20

Global economy continues to grow at a subdued pace. In the advanced economies, risks seem largely self-inflicted and can only be resolved through political compromise. The “fiscal cliff ” in the U.S. has turned into a “cliff-hanger”. If an appropriate solution is not reached to avert it, the economy’s improving fundamentals could be stymied in 2013. At the same time, a balanced resolution of the budget impasse could accelerate next year’s growth momentum.

Economic equilibrium and growth in the Eurozone can only be achieved through sustainable resolution of the debt crisis. The region is in a tightening vise, caught between fiscal austerity and opposing parties’ limited commitment to alternatives (whether monetary or political). So far, the worst effects have been avoided, but there is a need to continue implementing a long-term strategy.

Emerging economies’ growth expectations are be­ing adjusted to these new global realities and to the shifts in their own domestic trends. Nevertheless, they remain vulnerable to a growing list of economic and geopolitical uncertainties. As a result, conditions and prospects in certain regions continue to diverge.

The global recovery remains extremely fragile with weak, unbalanced growth and large downside risks. To provide an adequate response, concerted international efforts must be directed at addressing these vulnerabilities and ensuring that governments implement the required policies to restore inclusive and sustainable growth. The G20 has played an important role during the crisis and is looked upon for guidance in turbulent times. Russia is convinced that we should embrace this responsibility. Complacency must give way to redoubled efforts to affirm the G20’s status as one the most important global fora, and to ensure that the G20 is capable of leading by example. (…)

2. Priority areas and general approaches of the russian presidency of the G20

The core objective of the Russian Presidency is to concentrate the efforts of the G20 – the forum of the world’s largest economies – on developing a set of measures aimed at boosting sustainable, inclusive and balanced growth and jobs creation around the world.

Prospects of weak global growth lie at the root of several of the world’s economic problems, including a deterioration of fiscal outlooks and bank balance sheets. Low confidence levels are affecting private consumption and investment, having a negative effect on employment. The structure of the G20 work program for 2013 will address these challenges. (…)

G20 agenda in 2013, com­prising eight areas of the primary focus of public attention:

1) Framework for strong, sustainable and balanced growth;

2) Jobs and employment;

3) International financial architecture reform;

4) Strengthening financial regulation;

5) Energy sustainability;

6) Development for all;

7) Enhancing multilateral trade;

8) Fighting corruption.

Full document can be read on The Russian Presidency of the G20 official site .