From relaunching the global economy to climate agreement; from attention to the social dimension of the crisis to acceleration of the Doha Round; from Iran to the commitment against atomic weapons—these were the main points of the 2009 G8 summit held in L’Aquila under the Italian presidency.
Signs of stability, ahead with anti-crisis measures
Despite signs of stability in the global economy and increased confidence, the G8 leaders reasserted their intention to implement the decisions taken at Washington and London. They also stressed that policies for sustaining the global economy and the recovery of the financial system will continue for the time necessary to ensure sustainable long-term growth.
Go-ahead for Italian proposal to halve emigrants’ remittance costs
In its measures to help the most vulnerable countries protect themselves against the crisis, the G8 also approved the Italian proposal – as can be read in the final document – to achieve greater “transparency and competition amongst intermediaries in order to halve the cost of emigrants’ remittance transactions”. Minister Franco Frattini referred specifically to halving these costs in an article published today, Friday 10 July, by the Osservatore Romano. “If we want to find a coherent, coordinated response to the crisis”, stated Frattini, “we need to increase the role played by migrants’ remittances […] and find a way to achieve synergies both countrywide and with the international community, starting with a public-private alliance”.
As regards the first proposal, the G8’s final document refers to the “5 by 5” goal: to reduce the average cost of remittances at the global level from the approximately 10% applied at present to 5% within 5 years”. This translates into “a reduction of about 50%, which calculations suggest would add an additional 13-15 billion dollars to migrants’ earnings”.
No to protectionism, close Doha in 2010
Open markets are crucial to growth and development, thus the leaders reaffirmed their determination to resist protectionism. As for international trade, the aim is to achieve the ambitious and balanced conclusion of the Doha Round in 2010.
Commitment to employment, people first
Approved the commitment to confront the social dimension of the crisis, putting people first, and to promote global efforts on behalf of employment and social protection.
New rules for the economy, yes to the Lecce Framework
The G8 countries agreed on the strategy of the Lecce Framework of rules promoted by the Italian presidency to develop common standards and principles for global economy and finance hinging on appropriateness, integrity and transparency.
Cooperation against tax evasion
Combating tax havens. International cooperation has to be strengthened against tax evasion and corruption, shoring up current international standards by expanding the OECD Global Forum and developing measures to be applied to jurisdictions that refuse to respect those standards.
20 billion dollars for food security
Increased support to Africa to the tune of 20 billion dollars over three years for food security, as well as improving the quality of assistance. A preliminary report has been published on pledges, and it has been decided to develop a mechanism by which to monitor accountability and progress and strengthen the effectiveness of efforts. An initial report will be presented at the G8 in Muskoka Canada in 2010.
Climate, groundwork for a Copenhagen accord
The groundwork has been done for an effective global accord at the Copenhagen conference. G8 and MEF leaders agreed to continue working over the coming months on identifying a global objective for greenhouse gas reductions by the end of 2050. Acknowledged also was the scientific opinion according to which the average temperature increase over pre-industrial levels should not exceed 2 degrees Celsius.
Efforts to stop atomic weapons, 2010 summit
The central importance was stressed of the Non-Proliferation Treaty and the commitment to creating a nuclear-weapons-free world. To this end the United States will convene a conference in the spring of 2010 aimed at making all vulnerable nuclear material around the world safe and to a revision of the Non-Proliferation Treaty.
Concern for the situation in Iran
Concern was expressed over the recent developments in Iran. Post-election violence there was condemned, along with interference with the media, unjustified detention of journalists and arrests of foreign citizens. The pledge to seek a diplomatic solution to the nuclear question was renewed, with the constructive involvement of the US, China, France, Germany and the UK as well as the other G8 partners. President Ahmadinejad’s statements negating the Holocaust were also condemned.
Middle East: resumption of direct negotiations, yes to two states
Full support was renewed for a two-state solution to the Israeli-Palestinian conflict and the parties were urged to resume direct negotiations. Remaining is the commitment to fully support the Palestinian Authority once a peace accord is reached, by launching an ambitious global plan that would develop and encourage the future economic activities of the Palestinian state.
The G14 will be stable and structured
The G8 leaders recognise that their actions have strengthened its joint commitment with the major emerging economies and decided to proceed together toward a stable and structured association. In this spirit, the summit opened in G8 format to later expand toward starting the second day with gradually more ample meetings.