(MENAFN- Qatar News Agency) Sydney September 21 (QNA) - G20 Finance Ministers and Central Bank Governors in Cairns Sunday delivered strategies that will achieve 1.8% of additional growth across the global economy at the conclusion of their meeting. "This result means we are 90% of the way to meeting the 2% growth ambition we set at our Sydney meeting. We are all committed to step up and deliver that growth target to the Brisbane Leaders' Summit in November." The G20 Ministers further agreed in their Sydney Declaration "that we can and will do more". The world economy is gaining some momentum though it is uneven and risks remain. We must avoid being complacent the finance ministers warned. The Sydney Declaration vows to develop new measures that aim to lift "our collective GDP by more than 2% by 2018 above the trajectory implied by policies in place at the time of the St Petersburg Summit in 2013". The G20 declaration "recognises that many of the decisions and actions to get the world economy moving are difficult. But we are determined to lift growth and countries are willing to use all our macroeconomic levers – monetary fiscal and structural policies – to meet this challenge." Australia as G20 President set a practical agenda at its Sydney meeting to strengthen international cooperation to deliver on its ambition to boost global growth and create millions of new jobs.
"We have never under-estimated the challenge particularly given the high levels of unemployment and subdued international confidence. Genuine measures have been put forward by all G20 economies. Around 80% of these 1000 measures are new.
"We will now redouble efforts and hold each other to account on meeting this target as we go forward. We agreed to shift from government-led growth towards private sector-led growth particularly from extra infrastructure investment.
"To meet this we have agreed to a Global Infrastructure Initiative which will include member country commitments to boost investment through best-practice planning and development." The ministerial conclave is focused on developing international tax rules for the 21st century.
"We are halfway through delivering the two-year 15-point Base Erosion and Profit Shifting (BEPS) Action Plan designed to ensure international tax rules keep up with advances in changing business models" the declaration said.
The meeting endorsed far-reaching initiatives to identify and catch tax cheats through the automatic exchange of information using a Common Reporting Standard (CRS).
The International Monetary Fund quota and governance reform remains a key priority the declarations said and encouraged the United States to ratify the reforms agreed in 2010.
The G20 Members are also concerned about the human cost of the Ebola epidemic and the potential serious impacts on growth and stability in affected countries underscoring the importance of a coordinated international response.
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