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By Dr Andrestinos N. Papadopoulos, Ambassador a.h.
Russia’s G20 presidency this year is of particular importance to Cyprus. To support its presidency’s focus on the core objective of boosting economic growth and job creation around the world, Russia will include on the financial agenda two new topics: financing investments as a basis for economic growth and job creation, and modernising national public borrowing and sovereign debt management systems. In the present economic crisis affecting the Eurozone in general and Cyprus in particular one understands the importance of the sovereign debt topic within the framework of the new approach offered by Russia, which does not affect the G20’s agenda and the fulfillment of earlier commitments.
As a matter of fact traditional G20 agenda items will be discussed, such as the state of the global economy, implementing the framework agreement for strong, sustainable and balanced growth, facilitating job creation, reforming the currency and financial regulation and supervision systems, stability of global energy markets, stimulating international development, strengthening multilateral trade and countering corruption.
In the twenty first century, the world economy faces serious challenges demanding mechanisms that will give maximum protection from risks, strengthening mutual trust, and giving the impulse for sustained and balanced global economic development.
A durable solution to these challenges requires effective policy measures. To this effect Russia believes that the discussion should be organised around three priorities: growth through quality jobs and investment, growth through trust and transparency, and growth through effective regulation.
These three priorities, through which Russia proposes to be considered by the G20, cover the following eight areas: 1. Framework for strong, sustainable and balanced growth; 2. Jobs and employment; 3. International financial architecture reform; 4. Strengthening financial regulation; 5. Energy sustainability; 6. Development for all; 7. Encasing multilateral trade; and, 8. Fighting corruption.
To ensure legitimacy, transparency and efficiency the Russian Presidency plans to hold broad consultations with all interested parties, including non-G20 countries, international organizations, the private sector, trade unions, civil society, youth, think tanks and academia. Active interaction among all these groups is an innovation of the Russian Presidency within its plans aiming at generating a cross-sectoral synergy to enhance the public benefit of the G20. And since we talk of innovation, we should mention that the Russian Presidency proposes to hold joint meetings of Finance and Labour ministers in order to increase the feasibility of the measures developed to facilitate job creation.
In view of the above, it is patently clear that this year’s presidency of the world’s 20 biggest economies offers Russia a unique opportunity to strengthen its place and prestige in global economic governance, by fulfilling the expectations of all those whose common goal is to resolve the most serious problems facing the global economy, ensure sustainable growth for the entire international community’s benefit, and give millions of people around the world a better standard of living.
