G20 Hamburg Summit: Shaping Globalization for Global Benefit - Essay Sample

Introduction

When the G20 also known as the group of twenty formed the twelfth meeting, they called it The 2017 G20 Hamburg summit. On 7th and 8th July 2017, the directors of the G20 met in Hamburg to discuss the common global economic encounters and assist in the opulence and wellbeing of the global economy by connecting the evolving markets and established market economies (Declaration, 2017). The main aim of the G20 is to shape globalization so that everybody in the world can benefit from it. Other purposes of the G20 is to reinforce the reimbursements of globalization and universal interconnectedness and to certify that more individuals gain benefits. This paper summarizes the commitments made by the G20 member countries which they are gratified to deliver on.

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When the world was facing a global financial and economic crisis, the G20 played an important role in stabilizing economies and financial markets, and that is when they showed their strength. The G20, therefore, came up saying when they act together, they can achieve more than acting alone. Some of the commitments the G20 Hamburg Summit chose for acquiescence monitoring are, resilience to corruption; the G20 said that they would organize their public administrations and make them be more robust against corruption. Remembering about the initiative of digital economy growth and cooperation, G20 is monitoring the food and agriculture system by promoting communication and information technology skill and application in agriculture to reinforce efficiency and productivity in the value chain. They are also monitoring the growth of Digital and Financial Mastery which helps to strengthen the capability of digital monetary development. They are aiming in digitalization which will help to substitute better conditions for the growth of the digital economy.

The G20 is working on a better way of tax administration. This will help to bring countries involved together by implementing a modern and fair form of taxation. This tax system will help countries to import and export goods easily with cheaper methods, and it will help them gain more profits because the tax will have been reduced. G20 is committed in bringing gender balance to the labour markets. In this summit, for the recognition of possible economic progression and social welfare, they said that they would enhance the access of women to the labor markets by offering them quality training and education, providing public services and collective security polices, provision of legal forms and supporting infrastructure where needed. To fully bind the possibility of digitalization for jobs and development, they are aligning their actions for the 2030 Plan for sustainable growth, supporting the evolving countries, providing public goods, and keeping the markets while recording the prominence of reciprocal and communally beneficial trade and speculation frameworks. G20 reaffirmed their principle of Digital Budget growth and cooperation enterprise commitment which simplifies learning, conversation and altercation good practices and experiences between all the stakeholders, for example, the governments and the private segment with the aim of agreeing on the features of a productive, comprehensive business system and forming operative policy appliances and practical equipment. The G20 have the conducting a high-level meeting with the United Nations General Assembly which will address the discrete wants of migrants and refugees, and also who are close to their areas, and if possible they will help them to get back home safely. During this meeting, they will discuss creating an all-rounded society where everybody can access, develop, exploit and share information and knowledge.

References

Kirton, J., & Warren, B. G20 Climate Change Governance: Performance, Prospects, Proposals.

Declaration, L. (2017). G20 Leaders Declaration, Shaping an Interconnected World. Hamburg, 7/8 July 2017.