MOSCOW, August 28 (Itar-Tass) - Russian President Vladimir Putin hopes that it will be possible to reach joint solutions in promoting capital markets development, establishing more efficient financial regulation and infrastructure both globally and nationally, strengthening the multilateral trade system, enhancing energy and commodity markets sustainability, and fighting corruption, in the course of Russia's G20 presidency.
"We are to finalize decisions for promoting capital markets development, establishing more efficient financial regulation and infrastructure both globally and nationally, strengthening the multilateral trade system, enhancing energy and commodity markets sustainability, and fighting corruption," the head of state said on the occasion of the upcoming G20 summit in an address published on the official Kremlin website.
"These days the Russian G20 Presidency is on the verge of entering its most important stage, which is the Leaders' Summit to be convened on September 5-6 in St.Petersburg. We have thoroughly and responsibly worked through all the items on our agenda, and are approaching the Summit with a solid track record of agreements," the address said.
"The G20 reached the consensus on the need to balance the policies aimed at stimulating the economic growth at a due pace with the medium-term strategies for fiscal consolidation. Clearly enough, we cannot win investors' trust unless governments are open and transparent in the way they manage their budget deficits and public borrowings," the president said.
Another major accomplishment includes the work undertaken on reforming tax regulation fighting tax evasion. The G20 Action Plan on Base Erosion and Profit Shifting developed with the support of the OECD can be by all means considered the most prominent step towards modernization and coordination of our countries' tax policies in a hundred years.
Important decisions are to be made to stimulate investment. A roadmap for the long-term investment financing has been developed to be implemented during the Australian Presidency, along with the principles for the institutional investors.
The Joint G20 Finance and Labor Ministers Meeting was an innovation of the Russian Presidency. "It gave us an opportunity to consider for the first time the issues of macro and finance policies in a conjunction with the tasks of quality job creation and social protection, to discuss steps to stimulate youth employment and measures of labor activation of the vulnerable groups," he went on.
On the issue of development, an accountability report has been compiled for the first time in the G20 history. St.Petersburg Development Outlook has been developed to reflect the G20 priorities in assisting low-income countries and ensuring food security, financial inclusion, development of infrastructure and human capital, as well as mobilizing domestic resources.
"Enhanced outreach dialogue of the Russian Presidency, including with non-G20 countries and their associations, international organizations, private sector, trade unions, civil society, youth, think tanks and academia, has contributed to raising the transparency and efficiency of our work. We have tried to take into account all useful thoughts and recommendations of our outreach partners," Putin said.
"I am convinced that the forthcoming Leaders' Summit in St.Petersburg will reaffirm the G20's role as an efficient mechanism for coordinating the world's leading economies' policy approaches to global economy and finance. We anticipate further progress in consolidating our efforts to tackle the challenges we face, and move further towards strong, balanced and inclusive growth, and sustainable development. And most importantly, towards our principal objective of better quality of life for our people," the Russian leader said.