MOSCOW, September 21 (RIA Novosti) - The G20 finance ministers and central bank governors delivered strategies that should help achieve 1.8 percent of additional growth in the global economy, as the meeting came to an end Sunday in Cairns, Australia, a press release by MP Joe Hockey, who chaired the meeting, stated.
"The main outcome from this meeting was the excellent progress we are making towards meeting our ambitious target from Sydney [previous G20 ministers meeting] to lift global economic growth by two per cent over the next five years," Hockey said in his closing statement in Cairns.
Out of the 900 recommendations the International Monetary Fund (IMF) and the Organization for Economic Co-operation and Development (OECD) looked through, Hockey noted that 700 were new and capable of lifting the global GDP by the intended 1.8 percent by 2018.
The strategies focus mainly on structural reforms, improving the quality of infrastructure and a more private-sector led growth, aimed at improving employment and living standards.
The G20 meeting also agreed on the Global Infrastructure Initiative.
"We want to create a knowledge platform to build public sector expertise, and develop standardized documentation to reduce the costs of new investment," Hockey added in his closing statement, pledging support by the G20 for new sources of finance for investors.
The G20 also accepted the B20 policy recommendations. The B20 which engages with the G20 to represent the business community developed a set of 20 mutually reinforcing recommendations earlier in July for G20 governments, focused on boosting the slow rate of economic growth and creating employment.
Among the B20's recommendations, structural reforms including structural flexibility and free movement of goods, services, labor and capital across borders were critically important, as stated in B20's policy documents outlining the recommendations.
Other reforms are related to monetary policies, particularly addressing deflation and the risk of low interest rates as well as adjusting government budgets on spending and taxation.
In terms to taxation, avoidance and evasion was an area of concern.
"It [the G20/OECD Action Plan] will bring international tax rules into the 21st century and ensure they keep up with changing multinational business models," Hockey said.
The ministers, federal central governors and the US Federal Reserve want to deliver their strategies in time for the G20 Annual Leaders Summit that will take place in Brisbane this November.