The G20 Finance Ministers and Central Bank Governors are meeting this weekend in Fukuoka, Japan, for their final meeting ahead of the G20 Summit at the end of the month. One issue that should feature high on the agenda is the rise of debt levels in many developing countries.
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Non-trade issues such as labour standards, political and civil rights and environment protection have become important objectives in the design and implementation of the European Union’s (EU) trade policy. Almost two thirds of the EU trade agreements currently in force feature provisions on human rights and about one third of them covers labour issues. About two thirds also mention the environment, like the recent trade agreement with Japan which includes a novel provision on the implementation of the Paris climate agreement.
Photo by WTO/Flickr (altered) https://www.flickr.com/photos/world_trade_organization/38338987184/in/album-72157690815449785/
In order to reach the Sustainable Development Goals (SDGs), enormous amounts of investments are needed in areas like health, education, infrastructure, and the adaptation to climate change. To harness the advantages of foreign direct investment (FDI), it is critical that governments have policies and regulations in place that do not only help to attract and retain FDI but also enhance its contribution to sustainable development. In this context, discussions about the establishment of an international framework for investment facilitation have intensified in recent years.
Geopolitical concerns have taken centre stage pushing back concerns about climate change. There is the nuclear threat in the Korean peninsula, the threat of deepening trade wars between the USA and China and threats over digital warfare and fake news of all kinds.
The G20 has come a long way in pulling economies back from the brink. Yet, a lot remains to be done in its pursuit of inclusive and sustainable growth. Productivity growth is sluggish, unemployment remains well above pre-crisis levels, inequality is hitting record highs, and environmental risks pose threats worldwide.