Press Statement by the Global Governance Group on its 8th Ministerial Meeting in New York on 1 October 2015

        The Global Governance Group (3G)[1] held its 8^th Ministerial Meeting in New York on 1 October 2015, on the sidelines of the 70^th session of the United Nations (UN) General Assembly.  As part of its efforts to promote a more effective, accountable and inclusive framework of global governance, the 3G invited the President of the 70^th UN General Assembly, H.E. Mogens Lykketoft, as well as the previous, present and incoming Presidents of the G20 (troika) – Australia, Turkey, and China – to engage in a dialogue with the 3G during the meeting.

        The 3G Ministers had a useful discussion with the G20 troika on the key priorities and deliverables of the G20 under Turkey’s G20 Presidency.  Amidst the weak global recovery, the 3G Ministers welcomed the Turkish Presidency’s emphasis on the G20’s agenda of enhancing resilience, buttressing sustainability, strengthening recovery and lifting potential in the global economy.  The Ministers also welcomed the focus on inclusiveness, implementation and investment, with particular emphasis on the perspectives of low-income developing countries (LIDCs) and small and medium sized enterprises (SMEs).  The 3G Ministers expressed their appreciation for Turkey’s engagement of the group, and looked forward to working with China as the next G20 Presidency.

        The 3G Ministers urged the G20 to continue engaging non-G20 members as well as regional and international organisations, in particular the UN.  They reiterated that the UN was the only global body with universal participation and unquestioned legitimacy, stressing that the actions of the G20 should complement and strengthen the UN system.  The Ministers urged the G20 to go beyond consultations with non-G20 members and groupings such as the 3G, and find ways to meaningfully incorporate their inputs into G20 outcomes and decisions. 

        The 3G Ministers welcomed the G20’s intention to support ongoing efforts in the UN on the 2030 Agenda for Sustainable Development, as well as the negotiated outcome at the Third International Conference on Financing for Development in Addis Ababa in July 2015.  The Ministers reiterated their call on the G20 and other relevant stakeholders to continue to help developing countries achieve sustainable growth through poverty eradication, promotion of inclusive and sustainable industrialisation, and to exercise leadership in the fight against climate change.

        The 3G Ministers recognised the importance of an open, rules-based multilateral trading system in promoting sustainable and balanced global growth, and affirmed the centrality of the World Trade Organisation (WTO) in global trade.  The Ministers called on the G20 to push for the implementation of the Bali Package from the WTO 9^th Ministerial Conference in December 2013, as well as the achievement of substantive outcomes at the 10^th Ministerial Conference in Nairobi, Kenya in December this year.   

        The 3G Ministers called for an inclusive mechanism to be implemented as widely as possible for the implementation of Base Erosion and Profit Shifting (BEPS) recommendations to ensure widespread and consistent adoption.  The Ministers stressed that this should involve G20 and non-G20 countries and jurisdictions, including developing economies, on an equal footing.  This will ensure a fair and level-playing field with no regulatory arbitrage. 

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1 October 2015

[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.