While the G20 was originally established in response to the global financial crisis, its core mission today is to establish economic fundamentals for realizing sustainable and inclusive growth of the global economy. From this perspective, first, the G20 discusses the impact of structural factors on the global economy, such as global imbalances and aging, in addition to monitoring major risks through surveillance of the global economy.
Second, the G20 discusses concrete actions for strengthening growth potential. We also discuss sustainable financing to promote Universal Health Coverage (UHC) in developing countries as well as promoting debt transparency and ensuring debt sustainability in low-income countries, in addition to promotion of the Quality Infrastructure Investment (QII), as well as measures that further reinforce the basis of sustainable development, including strengthening financial resilience against natural disasters such as disaster risk financing.
Third, in the areas of international taxation and finance, we take up issues of how to respond to economic and social structural changes brought by digitalization and globalization of the economy through technological innovation. This structural change has been radically changing the world's economic and social landscape and business models. In order to harness this change for achieving sound growth, it is urgent to implement policy response in the area of internal taxation and finance, while avoiding harmful fragmentation of the global economic system.
International trade and investment are important engines of growth, productivity, innovation, job creation and development. The current development surrounding international trade are negatively affecting the prospects of global economy and trade. The G20 members, covering more than 80% of global GDP, have responsibility for resolving this situation. The G20 Ministerial Meeting on Trade and Digital Economy, held in Tsukuba city on June 8 and 9 focuses on the following issues:
Dialogue on Current International Trade Developments
A Sound Business Environment that Promotes Market-driven Investment Decisions
Promotion of Trade and Investment that Contribute to Sustainable and Inclusive Growth
WTO Reform, Recent Developments in Bilateral and Regional Trade Agreements
Interface between Trade and Digital Economy (joint session with the Ministerial Meeting on Digital Economy)
The rule-based multilateral trading system is at a critical juncture. In order to restore the confidence in the multilateral trading system, it is imperative to maintain and strengthen the momentum of WTO reform. At the Buenos Aires Summit, G20 Leaders expressed their "support [to] the necessary reform of the WTO to improve its functioning", and agreed to review its progress at the Osaka Summit. Based on this, the Japanese presidency will take the lead in discussions in order to provide further political momentum to the WTO reform.
Furthermore, based on the discussions that took place in the past G20 summits, we continue to discuss the issue of the steel excess capacity which is a global issue that requires collective response under the Japanese presidency. In this context, the Global Forum for Steel Excess Capacity (GFSEC), which was established in 2016 based on the agreement at the G20 Hangzhou Summit, continues the process of information-sharing on members' production capacities and support measures, as well as the review process based on the provided information.