G20 Chairs Summary-4th FMCBG (12-13 Oct 2022)
The G20 is a multilateral forum bringing together 19 of the world's major economies and the European Union (EU). Its members account for more than 60% of the world population, 75% of global trade and more than 80% of world GDP. The members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union.
Established in 1999, the G20 brings together advanced and developing economies to overcome crises together, particularly in Asia, Russia and Latin America. The goal of the G20 is to create and maintain solid, sustainable, balanced and inclusive global growth.
Initially, the G20 was a meeting between Finance Ministers and Central Bank Governors. Since 2008, the G20 has hosted Heads of State at the annual Summit, with development sector discussions commencing in 2010. Since then, the G20 has consisted of the Finance Track and Sherpa Track. Fun Fact: Named after the nomadic people of Nepal who serve as guides, the G20 Sherpa Meetings lead the way to the Summit by carrying out negotiations and building consensus among leaders.
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Summit
The climax of the G20 meeting process, bringing together heads of state/government.
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Ministerial and Deputies Meetings
The main forum has different focus areas. In the Finance Track, Ministerial Meetings are attended by finance ministers and central bank governors, known as the Finance Ministers and Central Bank Governors Meeting (FMCBG), while the deputies’ meeting is known as the Finance and Central Bank Deputies Meeting (FCBD).
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Working Groups
Comprised of experts from G20 member countries, the working groups handle specific issues relating to the broad G20 agenda for inclusion in the ministerial segment and ultimately the Summit.
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Handling of Global Financial Crisis 2008
One of the G20’s largest successes was overcoming the global financial crisis in 2008. The G20 has helped to change the face of global financial governance by issuing a massive coordinated fiscal and monetary stimulus package. The G20 has also increased IMF lending capacity along with that of several major development banks. Furthermore, the G20 is acknowledged for helping the world regain its footing on the growth path, while pushing important financial sector reforms.
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Tax policy
G20 has urged OECD to increase the exchange of information concerning taxation. In 2012, the G20 pioneered the Base Erosion and Profit Sharing (BEPS) international collaboration issued by the OECD to end tax avoidance, which was finalised in 2015. Through BEPS, 139 member countries and jurisdictions are cooperating to end tax avoidance.
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Contribution to Covid-19 pandemic containment
G20 initiatives to contain the pandemic include the deferral of foreign debt repayments among low-income countries, a USD5 trillion injection for Covid-19 containment efforts (Riyadh Declaration), reduction/removal of import duties and taxes as well as lower import duties on vaccines, hand sanitisers, disinfectants, medical equipment and medicaments.
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Other issues
In addition, the G20 also plays an important role in other international issues, including trade, climate change and development. In 2016, collective principles were applied to international investment. The G20 also supports the political movements that established the Paris Agreement on Climate Change in 2015 and the 2030 Agenda for Sustainable Development.
Indonesia Memegang Presidensi G20
Departing from various other multilateral forums, the G20 does not have a permanent secretariat, its agenda and activities are established by the rotating Presidencies in cooperation with the membership. As agreed at the Riyadh Summit 2020, Indonesia will assume the G20 Presidency in 2022, with the baton passed from Italy at the Rome Summit on 30th-31st October 2021.
Theme
"Recover Together, Recover Stronger"
Through this theme, Indonesia invites the whole world to work together, recover together, grow stronger and sustainably together.
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Pillars of Indonesian G20 Presidency in 2022
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Enabling environment and partnership.
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Promoting productivity.
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Increasing resilience and stability.
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Ensuring sustainable and inclusive growth.
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Stronger collective global leadership.
Finance Track Priority Agenda of Indonesian G20 Presidency in 2022
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Exit Strategy to Support Recovery
Discussing how G20 will protect member countries on the road to economic recovery (particularly developing economies) from the spillover effect of exit policies in countries further along their economic recovery journey (typically advanced economies).
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Addressing the Scarring Effect to Secure Future Growth
Addressing the scarring effect of the crisis to increase productivity and growth in the long term, while paying due attention to the labour market, households, corporate sector and financial sector.
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Payment System in Digital Era
Standardising cross-border payments (CBP) as well as the General Principles for Developing CBDC.
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Sustainable Finance
Discussing climate risk and the risk of transitioning towards a low carbon economy as well as sustainable finance from a macroeconomic and financial stability perspective.
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Financial Inclusion: Digital Financial Inclusion & SME Finance
Utilising open banking to increase productivity, as well as support the economy and financial inclusion for underserved communities, such as women, young people and MSMEs, including cross-border aspects.
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International Taxation
Discussing international taxation, particularly implementation of the joint OECD/G20 inclusive framework on tax planning strategies known as Base Erosion and Profit Sharing (BEPS).
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Amid the ongoing pandemic, the G20 Presidency demonstrates strong perception concerning Indonesia's economic resilience to the crisis.
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A form of international recognition concerning Indonesia's position as one of the largest world economies, with the ability to represent other developing economies.
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The G20 Presidency is a once-in-a-generation opportunity and must be fully optimised to provide value added to Indonesia's recovery in terms of economic activity as well as domestic and international public trust.
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Indonesia can orchestrate the G20 agenda discussions to support and boost economic recovery activity in Indonesia.
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An opportunity to demonstrate Indonesia's leadership in the global economic recovery. From a regional perspective, the G20 Presidency affirms Indonesia's leadership in terms of international and economic diplomacy in the region, considering Indonesia is the only G20 member among ASEAN countries.
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The G20 Presidency will position Indonesia at the forefront of international focus and attention, particularly in terms of the economy and finance. This will showcase Indonesia's impressive achievements to the world and represents a starting point for restoring post-pandemic economic confidence at home and internationally.
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G20 meetings in Indonesia also present an opportunity to introduce Indonesia's tourism sector and local products to the world, thus reviving the national economy.
G20 Side Event 3rd FMCBG & 3rd FCBD Booklet
Bank Indonesia, together with BIS Innovative Hub launch the G20 Techsprint 2022, an international event/contest with the aim of finding and developing applicable technology-based solutions to answer challenges with the theme Central Bank Digital Currency (CBDC). The CBDC topic is included in the six priority agendas of the finance track of the G20 Indonesia Presidency, namely digital payment innovation.
The main goal of the G20 Techsprint 2022 is to encourage innovation and challenge the global community in formulating applicable and ready-to-implement solutions to specific problems faced by various central banks around the world related to CBDC.
Participants can contribute by answering one of three problem statement categories, namely: (i) implementing effective and robust issuance, distribution and transference, (ii) enabling financial inclusion, and (iii) enabling connectivity and interoperability. In each category, there is one main problem statement that must be answered by the participants. Furthermore, participants can choose one or two optional problem statements in the same category to get additional points.
Participant should submitted a proposal containing solutions to each problem statement from April 25, 2022 to May 20, 2022. The team of experts from BIS will evaluate all proposals and select them for the semifinals, the results of the semifinal selection will be announced on June 15, 2022 & the 21 best proposals will be selected. from the team/company (7 from each problem statement) to be invited to the touchpoint event. Furthermore, 21 teams/companies will submit prototypes to solve the problems of each problem statement until August 31, 2022, the judge will evaluate all proposals and selecting for the semifinals, the final selection results will be announced in September.
Attractive Cash Awards @IDR 770,000,000 (+/- USD 53,000) would be given to the winner In each of the Problem Statement Categories. Cash Stipends will also be given to each of the shortlisted teams @IDR 145,000,000 (+/- USD 10,000) to defray any development expenses. Shortlisted Teams will also have the opportunity to have in-depth discussions and feedback from high profile experts in the CBDC Field
Individual participants & firms interested in participating can register on www.G20techsprint.id.
Bank Indonesia holds a key role as host of the G20 Presidency in 2022. This prestigious international forum has brought Indonesia to the focus of global attention. Indonesia’s G20 Presidency will continue through to November 2022. Supporting Indonesia’s G20 Presidency in 2022, Bank Indonesia is holding the G20 BI-Stronger Fest.
Under the theme Recover Together, Recover Stronger, participants are welcome to take part in various competitions as follows:
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G20 BI-Stronger Virtual Run
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G20 BI-Stronger Model FMCBG Meeting
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DIGITOP (Digital Ilustration Competition)
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ECHO (English Speech Contest)
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GREENFEST: Green Lifestyle Festival
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G20 BI-Stronger Digital Content Competition on G20 Issues.
Exciting prizes await the winners in each category. More information concerning G20 BI-Stronger Fest is available via the Information Desk at G20 Virtual Galery.
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High resolution images from the 1st FCBD - Bali, 9-10 December 2021.
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