Press Statement by the Global Governance Group (3G) on the G20 Summit in Buenos Aires, Argentina, 30 November to 1 December 2018

1 The Global Governance Group (3G) ^[1] looks forward to a constructive and productive outcome from the upcoming Group of Twenty (G20) Summit, which will be held in Buenos Aires, Argentina, from 30 November to 1 December 2018. The 3G welcomes the theme of the G20 under Argentina’s Presidency to build consensus for fair and sustainable development through an agenda that is people-centred and forward-looking.    

2 The 3G welcomes the improved global economic outlook. That said, growth has been increasingly uneven and some of the risks, including financial vulnerabilities and heightened trade tensions, have partially materialised. The 3G calls on the G20 to continue to undertake macroeconomic and structural policy actions to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks. In this regard, the 3G applauds the final report of the G20 Eminent Persons Group on Global Financial Governance (EPG), which calls for reforms to the international monetary and financial system to enable countries to reach their full growth and development potential and avert the damage caused by financial crisis. The 3G welcomes early discussions by the G20 and other relevant global fora on ways to take the EPG’s proposals forward.

3 The 3G notes with concern on the rising global trade tensions. All countries, especially small and medium sized countries like the 3G countries, will be negatively impacted if trade conflicts spill over into wider tensions and disrupts global trade. The 3G commends efforts undertaken by Argentina’s G20 Presidency to uphold the rules-based multilateral trading system, including through the reinstatement of the G20 Trade and Investment Working Group and the reconvening of the G20 Trade and Investment Ministerial Meeting. The 3G contributed a non-paper on the “Importance of the Multilateral Rules-based System” to advance discussions on this pressing issue. The non-paper signals the 3G’s strong commitment towards open trade and investment. It also sets out the importance of maintaining and strengthening an open, rules-based multilateral trading system as embodied by the World Trade Organisation, to ensure that trade remains free and open.

4 The 3G welcomes the G20’s continued efforts to advance work on development, which is a key element in the G20’s long-term agenda.  The 3G is highly supportive of the G20’s efforts to complement the United Nations’ (UN) development agenda.  In this regard, the 3G applauds the Buenos Aires Update, which maintains the international momentum towards implementation of the 2030 Agenda for Sustainable Development (2030 Agenda) for the benefit for all, especially developing countries. In addition, the 3G strongly supports the G20 High Level Principles on Sustainable Habitat through Regional Planning to promote sustainable growth and respond to the multi-dimension challenges brought about by urbanisation. The 3G furthermore welcomes efforts of the G20 to end modern slavery and human trafficking, in line with the 2030 Agenda.

5 The 3G commends Argentina’s leadership of the G20 in 2018, in particular, Argentina’s efforts to build on practices by previous G20 Presidencies in strengthening the G20’s engagement with the UN, relevant regional organisations and non-G20 members, including the 3G. The 3G appreciates the briefings given by Argentina on its G20 priorities on the sidelines of UN meetings in New York. The 3G welcomes the Argentine Presidency’s invitation to the UN Secretary-General to attend and participate actively in the Buenos Aires Summit, and affirms the importance of maintaining this practice. The 3G hopes that the next G20 Presidency, Japan, will continue to build on practices by prior G20 Presidencies and continue the G20’s commitment to engage the 3G. The 3G looks forward to Argentina updating the UN membership on the outcomes of the Buenos Aires Summit.

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29 November 2018

[1] The 3G comprises the following Member States of the United Nations: Bahamas, the Kingdom of Bahrain, Barbados, Botswana, Brunei Darussalam, Chile, Costa Rica, the Republic of Finland, Guatemala, Jamaica, Kuwait, the Principality of Liechtenstein, the Grand Duchy of Luxembourg, Malaysia, the Principality of Monaco, Montenegro, New Zealand, Panama, Peru, the Republic of the Philippines, the State of Qatar, the Republic of Rwanda, the Republic of San Marino, the Republic of Senegal, the Republic of Singapore, Republic of Slovenia, Switzerland, the United Arab Emirates, Uruguay and the Socialist Republic of Viet Nam.