G20 2010 Seoul Commitments

Compiled by G20 Research Group
Commitments contained in the G20 Seoul Summit Documents
issued at the Seoul Summit on November 12, 2010
Total number of commitments = 153

The G20 Seoul Summit Leaders' Declaration

2010-1: We pledge to continue our coordinated efforts and act together to generate strong, sustainable and balanced growth.

2010-2: To this end, we are determined to put jobs at the heart of the recovery, to provide social protection, decent work and also to ensure accelerated growth in low income countries (LICs).

2010-3: We are agreed today to develop our common view to meet these new challenges and a path to strong, sustainable and balanced growth beyond the crisis.

2010-4: The [Seoul Action] Plan includes our commitment to: undertake macroeconomic policies, including fiscal consolidation where necessary

2010-5: [The Seoul Action] Plan includes our commitment to:] moving toward more market-determined exchange rate systems, enhancing exchange rate flexibility to reflect underlying economic fundamentals, and refraining from competitive devaluation of currencies.

2010-6: [The Seoul Action] Plan includes the commitment that:] Advanced economies, including those with reserve currencies, will be vigilant against excess volatility and disorderly movements in exchange rates.

2010-7: [The Seoul Action] Plan includes our commitment to:] implement a range of structural reforms that boost and sustain global demand, foster job creation, and increase the potential for growth;

2010-8: [The Seoul Action] Plan includes our commitment to:] enhance the Mutual Assessment Process (MAP) to promote external sustainability.

2010-9: We will strengthen multilateral cooperation to promote external sustainability

2010-10: [we will] pursue the full range of policies conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels.

2010-11: Persistently large imbalances, assessed against indicative guidelines to be agreed by our Finance Ministers and Central Bank Governors, warrant an assessment of their nature and the root causes of impediments to adjustment as part of the MAP, recognizing the need to take into account national or regional circumstances, including large commodity producers.

2010-12: we call on our Framework Working Group, with technical support from the IMF and other international organizations, to develop these indicative guidelines, with progress to be discussed by our Finance Ministers and Central Bank Governors in the first half of 2011

2010-13: [The Seoul Action] Plan includes our commitment to:] a modernized IMF that better reflects the changes in the world economy through greater representation of dynamic emerging markets and developing countries.

2010-14: [The Seoul Action] Plan includes our commitment to:] instruments to strengthen global financial safety nets, which help countries cope with financial volatility by providing them with practical tools to overcome sudden reversals of international capital flows.

2010-15: [The Seoul Action] Plan includes our commitment to:] core elements of a new financial regulatory framework, including bank capital and liquidity standards

2010-16: [The Seoul Action] Plan includes our commitment to:] better regulate and effectively resolve systemically important financial institutions, complemented by more effective oversight and supervision.

2010-17: [The Seoul Action] Plan includes our commitment to:] the Seoul Development Consensus for Shared Growth that sets out our commitment to work in partnership with other developing countries, and LICs in particular, to help them build the capacity to achieve and maximize their growth potential, thereby contributing to global rebalancing.

2010-18: [The Seoul Action] Plan includes:] our strong commitment to direct our negotiators to engage in across-the-board negotiations to promptly bring the Doha Development Round to a successful, ambitious, comprehensive, and balanced conclusion consistent with the mandate of the Doha Development Round and built on the progress already achieved.

2010-19: We are also committed to resisting all forms of protectionist measures.

2010-20: We will continue to monitor and assess ongoing implementation of the commitments made today and in the past in a transparent and objective way.

2010-22: [we have agreed to] better reflect the perspective of emerging market economies in financial regulatory reforms;

2010-23: [we have agreed to] strengthen regulation and oversight of shadow banking;

2010-24: we have agreed to further work on regulation and supervision of commodity derivatives markets;

2010-27: [we have agreed to] pursue all outstanding governance reform issues at the IMF

2010-28: [we have agreed to pursue all outstanding governance reform issues at the] World Bank;

2010-29: [we have agreed to] build a more stable and resilient international monetary system, including by further strengthening global financial safety nets.

2010-30: We will also expand our MAP based on the indicative guidelines to be agreed.

2010-31: To promote resilience, job creation and mitigate risks for development, we will prioritize action under the Seoul Consensus on addressing critical bottlenecks, including infrastructure deficits, food market volatility, and exclusion from financial services.

2010-32: To provide broader, forward-looking leadership in the post-crisis economy, we will also continue our work to prevent and tackle corruption through our Anti-Corruption Action Plan;

2010-33: [To provide broader, forward-looking leadership in the post-crisis economy, we will also continue our work to] rationalize and phase-out over the medium term inefficient fossil fuel subsidies;

2010-34: [To provide broader, forward-looking leadership in the post-crisis economy, we will also continue our work to] mitigate excessive fossil fuel price volatility;

2010-35: [To provide broader, forward-looking leadership in the post-crisis economy, we will also continue our work to] safeguard the global marine environment; (environment)

2010-36: [To provide broader, forward-looking leadership in the post-crisis economy, we will also continue our work to] and combat the challenges of global climate change.

2010-37: We reaffirm our resolute commitment to fight climate change, as reflected in the Leaders' Seoul Summit Document.

2010-38: We will spare no effort to reach a balanced and successful outcome in Cancun.

The Seoul Summit Document

The Seoul Action Plan

2010-39: We reaffirm the importance of central banks' commitment to price stability, thereby contributing to the recovery and sustainable growth.

2010-40: We will move toward more market-determined exchange rate systems and enhance exchange rate flexibility to reflect underlying economic fundamentals and refrain from competitive devaluation of currencies.

2010-41: Advanced economies, including those with reserve currencies, will be vigilant against excess volatility and disorderly movements in exchange rates. ...in circumstances where countries are facing undue burden of adjustment, policy responses in emerging market economies with adequate reserves and increasingly overvalued flexible exchange rates may also include carefully designed macro-prudential measures.

2010-42: We will reinvigorate our efforts to promote a stable and well functioning international monetary system.

2010-43: We reaffirm our commitment to free trade and investment recognizing its central importance for the global recovery.

2010-44: We will refrain from introducing, and oppose protectionist trade actions in all forms.

2010-46: We will focus efforts to resolve the most significant bottlenecks to inclusive, sustainable and resilient growth in developing countries, low-income countries (LICs) in particular: infrastructure, human resources development, trade, private investment and job creation, food security, growth with resilience, financial inclusion, domestic resource mobilization and knowledge sharing.

2010-47: In addition, we will take concrete actions to increase our financial and technical support, including fulfilling the Official Development Assistance (ODA) commitments by advanced countries.

2010-48: Advanced economies will formulate and implement clear, credible, ambitious and growth-friendly medium-term fiscal consolidation plans in line with the Toronto commitment, differentiated according to national circumstances.

2010-49: We are committed to take action at the national and international level to raise standards,

2010-50: [We are committed to] ensure that our national authorities implement global standards developed to date, consistently, in a way that ensures a level playing field, a race to the top and avoids fragmentation of markets, protectionism and regulatory arbitrage.

2010-51: In particular, we will implement fully the new bank capital and liquidity standards

2010-54: We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake: Product market reforms to simplify regulation and reduce regulatory barriers in order to promote competition and enhance productivity in key sectors.

2010-55: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Labor market and human resource development reforms, including better targeted benefits schemes to increase participation;

2010-56: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] education and training to increase employment in quality jobs, boost productivity and thereby enhance potential growth.

2010-57: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Tax reform to enhance productivity by removing distortions and improving the incentives to work, invest and innovate.

2010-58: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Green growth and innovation oriented policy measures to find new sources of growth and promote sustainable development.

2010-59: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Reforms to reduce the reliance on external demand and focus more on domestic sources of growth in surplus countries while promoting higher national savings and enhancing export competitiveness in deficit countries.

2010-60: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Reforms to strengthen social safety nets such as public health care and pension plans, corporate governance and financial market development to help reduce precautionary savings in emerging surplus countries.

2010-61: [We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:] Investment in infrastructure to address bottlenecks and enhance growth potential.

2010-62: In addition, we will enhance the MAP to promote external sustainability.

2010-63: We will strengthen multilateral cooperation to promote external sustainability

2010-64: [We will] pursue the full range of policies conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels.

2010-65: Persistently large imbalances, assessed against indicative guidelines to be agreed by our Finance Ministers and Central Bank Governors, warrant an assessment of their nature and the root causes of impediments to adjustment as part of the MAP, recognizing the need to take into account national or regional circumstances, including large commodity producers.

2010-66: Members with sustained, significant external deficits pledge to undertake policies to support private savings and where appropriate undertake fiscal consolidation while maintaining open markets and strengthening export sectors.

2010-67: Members with sustained, significant external surpluses pledge to strengthen domestic sources of growth.

2010-68: Recognizing the benefits of the Framework, we agreed to expand and refine the country-led, consultative MAP by including monitoring of the implementation of our commitments and assessment of our progress toward achieving our shared objectives. This process will be adopted in 2011 under the French Presidency.

International Financial Institution Reforms

Modernized IMF governance

2010-69: Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include: Shifts in quota shares to dynamic emerging market and developing countries and to under-represented countries of over 6%, while protecting the voting share of the poorest, which we commit to work to complete by the Annual Meetings in 2012.

2010-70: [Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include:] A doubling of quotas, with a corresponding rollback of the New Arrangements to Borrow (NAB) preserving relative shares, when the quota increase becomes effective.

2010-71: [Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include:] Continuing the dynamic process aimed at enhancing the voice and representation of emerging market and developing countries, including the poorest, through a comprehensive review of the quota formula by January 2013 to better reflect the economic weights.

2010-72: [Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include:] completion of the next general review of quotas by January 2014.

2010-73: [Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include:] Greater representation for emerging market and developing countries at the Executive Board through two fewer advanced European chairs, and the possibility of a second alternate for all multi-country constituencies.

2010-74: [Consistent with our commitments at the Pittsburgh and Toronto Summits, and going even further in a number of areas, the reforms include:] Moving to an all-elected Board, along with a commitment by the IMF's membership to maintain the Board size at 24 chairs, and following the completion of the 14th General Review, a review of the Board's composition every eight years.

2010-75: We reiterate the urgency of promptly concluding the 2008 IMF Quota and Voice Reforms.

2010-76: We asked our Finance Ministers and Central Bank Governors to continue to pursue all outstanding governance reform issues at the World Bank and the IMF.

Surveillance

Multilateral Development Banks

2010-77: We reiterate our commitment to completing an ambitious replenishment for the concessional lending facilities of the MDBs, especially the International Development Association, to help ensure that LICs have access to sufficient concessional resources.

Strengthened Global Financial Safety Nets

2010-78: we asked our Finance Ministers and Central Bank Governors to explore, with input from the IMF: a structured approach to cope with shocks of a systemic nature.

2010-79: [we asked our Finance Ministers and Central Bank Governors to explore, with input from the IMF]: ways to improve collaboration between RFAs and the IMF across all possible areas and enhance the capability of RFAs for crisis prevention, while recognizing region-specific circumstances and characteristics of each RFA.

2010-80: We agreed to explore ways to further improve the international monetary system to ensure systemic stability in the global economy.

Financial Sector Reforms

Transformed Financial System to Address the Root Causes of the Crisis

2010-81: We are committed to adopt and implement fully these standards within the agreed timeframe that is consistent with economic recovery and financial stability.

2010-82: The new framework will be translated into our national laws and regulations, and will be implemented starting on January 1, 2013 and fully phased in by January 1, 2019.

2010-83: We endorsed the policy framework, work processes, and timelines proposed by the FSB to reduce the moral hazard risks posed by systemically important financial institutions (SIFIs) and address the too-big-to-fail problem.

2010-84: we agreed that G-SIFIs should be subject to a sustained process of mandatory international recovery and resolution planning.

2010-85: We agreed to conduct rigorous risk assessment on these firms through international supervisory colleges and negotiate institution-specific crisis cooperation agreements within crisis management groups.

2010-86: We reaffirmed our Toronto commitment to national-level implementation of the BCBS's cross-border resolution recommendations.

Implementation and International Assessment, Including Peer Review

2010-88: At the national level, we will incorporate the new standards and principles into relevant legislation and policies.

2010-89: We also firmly recommitted to work in an internationally consistent and non-discriminatory manner to strengthen regulation and supervision on hedge funds

2010-90: [We also firmly recommitted to work in an internationally consistent and non-discriminatory manner to strengthen regulation and supervision on] OTC derivatives

2010-91: [We also firmly recommitted to work in an internationally consistent and non-discriminatory manner to strengthen regulation and supervision on] credit rating agencies.

2010-92: We reaffirmed the importance of fully implementing the FSB's standards for sound compensation.

2010-93: we reiterated our commitment to preventing non-cooperative jurisdictions from posing risks to the global financial system and welcomed the ongoing efforts by the FSB, Global Forum on Tax Transparency and Exchange of Information (Global Forum), and the Financial Action Task Force (FATF), based on comprehensive, consistent and transparent assessment.

Future Work: Issues That Warrant More Attention

2010-94: We agreed to work on financial stability issues that are of particular interest to emerging market and developing economies.

Fighting Protectionism and Promoting Trade and Investment

2010-95: Recognizing the importance of free trade and investment for global recovery, we are committed to keeping markets open and liberalizing trade and investment as a means to promote economic progress for all and narrow the development gap.

2010-96: We therefore reaffirm the extension of our standstill commitments until the end of 2013 as agreed in Toronto

2010-97: [we] commit to rollback any new protectionist measures that may have risen, including export restrictions and WTO-inconsistent measures to stimulate exports

2010-98: We direct our negotiators to engage in across-the-board negotiations to promptly bring the Doha Development Round to a successful, ambitious, comprehensive, and balanced conclusion consistent with the mandate of the Doha Development Round and built on the progress achieved.

2010-99: Once such an outcome is reached, we commit to seek ratification, where necessary, in our respective systems.

2010-100: We note our commitment to at least maintain, beyond 2011, Aid for Trade levels that reflect the average of the last three years (2006 to 2008);

2010-101: [We note our commitment] to make progress toward duty-free quota-free market access for least developed country (LDC) products in line with our Hong Kong commitments, without prejudice to other negotiations, including as regards preferential rules of origin;

2010-102: [We note our commitment] to call on relevant international agencies to coordinate a collective multilateral response to support trade facilitation;

2010-103: [We note our commitment]and to support measures to increase the availability of trade finance in developing countries, particularly LICs.

2010-104: In this respect, we also agree to monitor and assess trade finance programs in support of developing countries, in particular their coverage and impact on LICs,

2010-105: [we agree] to evaluate the impact of regulatory regimes on trade finance.

2010-106: We therefore commit to support the regional integration efforts of African leaders, including by helping to realize their vision of a free trade area through the promotion of trade facilitation and regional infrastructure.

Seoul Development Consensus for Shared Growth

2010-107: We commit to work in partnership with other developing countries, LICs in particular, to help them build the capacity to achieve and maintain their maximum economic growth potential.

2010-108: We agree to establish a High-Level Panel (HLP) to recommend measures to mobilize infrastructure financing and review MDBs' policy frameworks.

2010-110: [We will]: Improve the development of employable skills matched to employer and labor market needs in order to enhance the ability to attract investment, create decent jobs and increase productivity.

2010-111: We will support the development of internationally comparable skills indicators and the enhancement of national strategies for skills development, building on the G20 Training Strategy;

2010-112: [We will]: Improve the access and availability to trade with advanced economies and between developing and LICs.

2010-113: [we will]: Identify, enhance and promote responsible private investment in value chains and develop key indicators for measuring and maximizing the economic and employment impact of private sector investment;

2010-114: [we will] enhance food security policy coherence and coordination (food and agriculture)

2010-115: [we will] increase agricultural productivity and food availability, including by advancing innovative results-based mechanisms, promoting responsible agriculture investment, fostering smallholder agriculture, and inviting relevant international organizations to develop, for our 2011 Summit in France, proposals to better manage and mitigate risks of food price volatility without distorting market behavior. (food and agriculture)

2010-116: [we will]: Improve income security and resilience to adverse shocks by assisting developing countries enhance social protection programs, including through further implementation of the UN Global Pulse Initiative, and by facilitating implementation of initiatives aimed at a quantified reduction of the average cost of transferring remittances;

2010-117: [we will] Increase access to finance for the poor and small and medium enterprises (SMEs).

2010-118: [we will] Build sustainable revenue bases for inclusive growth and social equity by improving developing country tax administration systems and policies and highlighting the relationship between non-cooperative jurisdictions and development;

2010-119: [we will] scale up and mainstream sharing of knowledge and experience, especially between developing countries, in order to improve their capacity and ensure that the broadest range of experiences are used to help tailor national policies.

2010-120: We commit to and prioritize full, timely and effective implementation of the Multi-Year Action Plan, understanding its high potential to have a positive transformative impact on people's lives, both through our individual and collective actions and in partnership with other global development stakeholders.

2010-121: We reaffirm our commitment to the achievement of the MDGs and will align our work in accordance with globally agreed development principles for sustainable economic, social and environmental development, to complement the outcomes of the UN High-Level Plenary Meeting on the MDGs held in September 2010 in New York, as well as with processes such as the Fourth UN LDC Summit in Turkey and the Fourth High-Level Forum on Aid Effectiveness in Korea, both to be held in 2011.

2010-122: We also reaffirm our respective ODA pledges and commitments to assist the poorest countries and mobilize domestic resources made following on from the Monterrey Consensus and other fora.

2010-123: We further mandate the Development Working Group to monitor implementation of the Multi-Year Action Plan, so that we may review progress and consider the need for any further steps at the 2011 Summit in France.

Financial Inclusion

2010-124: We reiterate our strong commitment to financial inclusion and recognize the benefits of improved access to finance to lift the lives of the poor and to support the contribution of SMEs to economic development.

2010-125: Working with the Alliance for Financial Inclusion, the Consultative Group to Assist the Poor and the International Finance Corporation, we commit to launch the Global Partnership for Financial Inclusion (GPFI) as an inclusive platform for all G20 countries, interested non-G20 countries and relevant stakeholders to carry forward our work on financial inclusion, including implementation of the Financial Inclusion Action Plan.

2010-126: We welcome the commitment of Canada, Korea, the United States and the Inter-American Development Bank of $528 million to the Framework through grants and co-financing.

Energy

Fossil Fuel Subsidies

2010-127: We reaffirm our commitment to rationalize and phase-out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption, with timing based on national circumstances, while providing targeted support for the poorest.

2010-128: We direct our Finance and Energy Ministers to report back on the progress made in implementing country-specific strategies and in achieving the goals to which we agreed in Pittsburgh and Toronto at the 2011 Summit in France.

Fossil Fuel Price Volatility

2010-129: We support the establishment of the IEF charter to strengthen the producer-consumer dialogue

2010-130: We ask the Energy Experts Group to extend its work on volatility to other fossil fuels as a second step.

Global Marine Environment Protection

Climate Change and Green Growth

2010-131: We reiterate our commitment to take strong and action-oriented measures and remain fully dedicated to UN climate change negotiations.

2010-132: Those of us who have associated with the Copenhagen Accord reaffirm our support for it and its implementation.

2010-133: We all are committed to achieving a successful, balanced result that includes the core issues of mitigation, transparency, finance, technology, adaptation, and forest preservation.

2010-134: We are committed to support country-led green growth policies that promote environmentally sustainable global growth along with employment creation while ensuring energy access for the poor.

2010-135: we will take steps to create, as appropriate, the enabling environments that are conducive to the development and deployment of energy efficiency and clean energy technologies, including policies and practices in our countries and beyond, including technical transfer and capacity building.

2010-136: [we] encourage further discussion on cooperation in R&D and regulatory measures, together with business leaders, and ask our Energy Experts Group to monitor and report back to us on progress at the 2011 Summit in France.

2010-138: [We also commit to stimulate investment in] energy and resource efficiency,

2010-140: [We also commit to stimulate investment in] green cities by mobilizing finance, establishing clear and consistent standards,

2010-141: [We also commit to stimulate investment in] developing long-term energy policies, supporting education, enterprise and R&D,

2010-142: [We also commit to stimulate investment in] continuing to promote cross-border collaboration and coordination of national legislative approaches.

Anti-corruption

2010-143: we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including: to accede or ratify and effectively implement the UN Convention against Corruption and promote a transparent and inclusive review process;

2010-144: [we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including:] adopt and enforce laws against the bribery of foreign public officials;

2010-145: [we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including:] prevent access of corrupt officials to the global financial system;

2010-146: [we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including:] consider a cooperative framework for the denial of entry to corrupt officials, extradition, and asset recovery;

2010-147: [we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including:] protect whistleblowers;

2010-148: [we will lead by example in key areas as detailed in the Anti-Corruption Action Plan, including:] safeguard anticorruption bodies.

2010-149: We are also committed to undertake a dedicated effort to encourage public-private partnerships to tackle corruption and to engage the private sector in the fight against corruption, with a view to promoting propriety, integrity and transparency in the conduct of business affairs, as well as in the public sector.

2010-151: Beyond our participation in existing mechanisms of peer review for international anti-corruption standards, we mandate the Anti-Corruption Working Group to submit annual reports on the implementation of our commitments to future Summits for the duration of the Anti-Corruption Action Plan.

Business Summit

Consultation

2010-152: We will increase our efforts to conduct G20 consultation activities in a more systematic way, building on constructive partnerships with international organizations, in particular the UN, regional bodies, civil society, trade unions and academia.

2010-153: we will invite no more than five non-member invitees, of which at least two will be countries in Africa.

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