Global Governance Group, including Singapore, welcomes G-20's commitment to strong and inclusive growth

Participants of the G-20 Leaders' Summit in Buenos Aires, Argentina, on Nov 30, 2018.
Participants of the G-20 Leaders' Summit in Buenos Aires, Argentina, on Nov 30, 2018. PHOTO: AFP

SINGAPORE - A group of small- and medium-sized states, including Singapore, has welcomed the reiteration by the Group of 20 (G-20) of its commitment to strong, sustainable, balanced and inclusive growth.

Giving its views on the outcome of the G-20 Summit held in Buenos Aires, Argentina, in November and December last year (2018), the Global Governance Group (3G) also said it applauded the G-20's pledge to work together to improve a rules-based international order that is capable of effectively responding to a rapidly changing world.

The 3G is an informal coalition of 30 states, which include South-east Asian countries Singapore, Malaysia, the Philippines and Vietnam, as well as Qatar, Finland, Switzerland and New Zealand. The 3G's role is to promote greater transparency and inclusivity in the G-20 process.

In a statement shared by Singapore's Foreign Affairs Ministry on Wednesday (Jan 2), the group said that it agrees with the G-20's assessment that while global economic growth is strong, some of the key risks have partially materialised, including financial vulnerabilities, geopolitical concerns and trade issues.

"The 3G thus welcomes the Buenos Aires Action Plan, which outlines the G-20's policy responses to the key risks to the global economy and actions to strengthen economic resilience as well as promote inclusive growth," said the statement.

The 3G also said it joined the G-20 in welcoming the final report by a group of top economists and leaders - called the G-20 Eminent Persons Group on Global Financial Governance (EPG) - which was tasked with reviewing issues of global financial governance.

The report calls for reforms to the international monetary and financial system to enable countries to reach their full growth and development potential and avert the damage caused by financial crisis.

The 3G said it looks forward to the G-20 following up on the EPG's recommendations under Japan's 2019 G-20 presidency.

 
 
 

On tackling climate change, the group said it notes the "differing approaches" among G-20 members.

While G-20 leaders at the summit in Buenos Aires declared in a communique that the Paris Agreement was "irreversible", the United States maintained its decision to withdraw from the agreement to combat climate change.

"The 3G reaffirms our commitment to the Paris Agreement, our Paris pledges and the need to advance their implementation, and stands ready to work with the G-20 to address this urgent challenge together," the group said.

On the sustainable development front, the 3G said it welcomes the Buenos Aires Update, which compiles new comprehensive and collective actions the G-20 decided on in 2018 that are framed around the United Nations' 2030 Agenda for Sustainable Development (2030 Agenda).

"It maintains the international momentum towards implementation of the 2030 Agenda for the benefit for all, especially developing countries," the group said.

The 3G said it notes the G-20's recognition of the contribution made by the multilateral trading system in augmenting international trade and investments, which remain important engines of growth, productivity, innovation, job creation and development.

The 3G also said it welcomes the G-20's support of the necessary reform of the World Trade Organisation (WTO) to improve its functioning.

"In this regard, the 3G further welcomes continued discussions at the WTO on initiatives aimed at strengthening and improving the WTO system and updating its existing rules and disciplines," the statement said.