Officials have now approved texts on more than 50 topics, ranging from anti-corruption to gender-based violence. Your most remarkable achievement, according to a draft text by POLITICO: Endorsing global tax reform.
National heads of state and government are expected to support a global framework tax agreement reached by their finance ministers on October 13th. In the draft language, the G-20 will call on all 140 countries involved in the negotiations to “rapidly develop the model rules and multilateral instruments”. to introduce a global minimum tax rate of 15 percent for companies in 2023.
With a victory for President Joe Biden – who has called corruption a national security threat around the world – G-20 leaders will strengthen their “zero tolerance” corruption policy by making a commitment to “corruptioners and their assets.” refuse a safe haven ”and make additional efforts to prosecute transnational corruption.
The two main outstanding issues in the communique are trade and investment and climate change.
Officials have yet to agree on whether to commit to “tackling all unfair trade practices” and have failed to reach an agreement on specific climate pledges. The main objectors are China, India, Russia and Australia, who are resisting indications of phasing out coal energy.
Leaders will likely recognize the “key relevance” of mid-century net zero emissions plans and “commit to reducing our collective greenhouse gas emissions across the board” in addition to a common one German-Canadian plan Deliver $ 100 billion annually in climate finance from rich countries to developing countries by 2023.
The summit host and Italian Prime Minister Mario Draghi told the assembled heads of state and government on Saturday that “multilateralism is in many ways the best and in many ways the only possible answer to the problems we are facing today Pandemic to the climate and taxation “.
David Herszenhorn and Karl Mathiesen contributed to this report.