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G20 summit to end Fri with adoption of final documents

September 06, 2013, 1:40 UTC+3

Later in the day, participants in the Summit will have a working luncheon to discuss economic growth and trade mattters

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STRELNA, September 6 (Itar-Tass) - The G20 summit comes to a close here on Friday. A Declaration of Leaders and a St Petersburg Plan, prepared by the "financial G20" meeting will be the final documents of the Summit. Supplements to the Declarationa on all tracks of the G20 work have been also drawn up.

An Action Plan to ensure sustainable growth and employment will include, in particular, a diagram of work to finance long-term investments, a report on the course of implementation of the financial regulation reform, a resume and an action plan on taxation-related matters. According to Ksenia Yudayeva, the Russian Federation's sherpa at the G20 and Head of the Expert Directorate of the Presidential Administration, "The documents are ready 99.9 percent".

On Friday morning, a meeting between Russian President Vladimir Putin and members of the business community and representatives of G20 trade unions will be held, to be followed by a second working session of the G20 to discuss investments, the stimulation of economic growth and the creation of job opportunities. A joint photo session is to be held at the close of the session.

Later in the day, participants in the Summit will have a working luncheon to discuss economic growth and trade mattters.

The President of Russia is to sum up the results of the Summit at a press conference.

On the concluding day of the Summit proceedings, Putin will meet with Spanish Head of Government Mariano Rajoy. It is noteworthy that this will be the Russian President's first meeting with the Head of the present Spanish governmeny which was formed in December 2011.

On the same day there will be a bilateral meeting beyween Putin and President Park Geun-hye of the Republic of Korea. The two Heads of State are expected to consider a number of matters, including aspects of the Russian leader's forthcoming visit to Korea in November 2013. During their conversation the two Presidents will "compare notes" on the situation on the Korean Peninsula and discuss bilateral interaction within the framework of international organizations.

RF sherpa Ksenia Yudayeva said earlier that the St Petersburg Declaration of Leaders and supplements to it would be the main documents of the Summit. It consists of twelve sections and will cover the entire spectrum of the G20 work. "This refers to both macroeconomic, and financial, social matters such as the creation of new jobs and promotion of employment, taxation problems, contribution to international development, counteraction to corruption, etc." Yudayeva said.

The Declaration also presupposes eight to ten supplements. The final documents of the St Petersburg Summit of G20 have been fixed 99.9 percent, Yudayeva said Thursday. "We have managed to do more than was planned," she said, explaining that the countries agreed to assume additonal obligations.

Putin said when speaking at the first working session of the Summit on Thursday that the world economy is in need of comprehensive structural reforms with an emphasis on fundamental guarantees of sustainable and long-term growth and development. He said it is precisely such a logic that is inherent in the St Petersburg action plan to ensure economic growth and creation of new jobs, the plan which is yet to be endorsed at the Summit. "I think we have every ground to regard this document as reflecting a reasonable balance of interests. It will make it possible to build financial markets' trust in our plans, and in our intentions, andm at the same time, it will stimulate investors to pay attention to the real sector of the economty," the Russian leader said, explaining that the Plan is based on budgetary strategies and obligations of the countries to effect structural reforms.

Russion Finance Minister Anton Siluanov, when describing the results of the first day of the Summit proceedings, told journalists on Thursday that the leaders of G20 countries had unanimously declared in favour of approval of the Action Plan for promoting economic growh. The Minister added, "The Plan was referred to approvingly by all those who took the floor. The task now is to fix this Plan (finally)".

The Minister said the leaders had also endorsed a plan, worked out jointly with the Organization for Economic Cooperation and Development, to counteract the washing-out of the taxation base. Siluanov pointed out that the G20 countries agreed to make an estimate of the objectivity of the rating agencies. He said the theme of financial organizations which should not be forced to go bankrup was discussed as well.

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