“It is wonderful to see you all here after some difficult years for the global community: we have faced protectionism, unilateralism, nationalism. The pandemic has kept us at a distance and it has done so with all our citizens. But we must not make mistakes: multilateralism is the best answer to the problems we face today. In many ways, it is the only possible solution “. Mario Draghi opens the work of the G20 and thus addresses the leaders of the largest economies in the world who have come to Rome to participate in the summit.
“From the pandemic, climate change, fair and equitable taxation, doing all this alone is simply not a possible option – says the premier who invites partners to “do everything we can to overcome our differences” and “rekindle the spirit that led us to create and strengthen of this forum “.
Two years after the start of the pandemic “we can finally look to the future with more optimism “, is the premise of Draghi, which underlines the success of the vaccination campaign, coordinated actions by governments and central banks that “have allowed the recovery of the global economyand “.” Many of our countries have launched recovery plans to boost growth, reduce inequalities, promote sustainability. Together, we are building a new economic model, and the whole world will benefit from it “, he continues. But the guard must be kept high, warns the premier,” we must be attentive to the challenges we face collectively “.
The pandemic is not over, Draghi reiterates and there are still “shocking disparities in the global distribution of vaccines“. An evident disparity in the numbers: in high-income countries, over 70% of the population has received at least one dose of the vaccine, while in poorer countries, this percentage drops to about 3%.” These differences are morally unacceptable, and undermine the global recovery “, adds the premier.
“Are very close to reaching the WHO target of vaccinating 40% of the global population by the end of 2021. Now we must do everything we can to reach 70% by mid-2022 “and” we must also continue to invest in research, eliminate trade barriers affecting COVID-19 vaccines, and improve predictability in their delivery ” . Draghi reiterates its invitation to the world’s greats to “strengthen global supply chains, while increasing production capacity at local and regional level“.
“As Presidency of the G20, Italy has worked to promote a more equitable recovery – continues Draghi – il Global Health Summit of Rome has seen countries and companies generously commit themselves to supply vaccines to the poorest countries: we must be sure to honor our promises. We have reached a historic agreement for a fairer and more effective international taxation system. We oversaw the allocation of $ 650 billion like new Special Drawing Rights and we have promoted the possibility of redistributing them to the countries that need them most. These results strongly remind us of the results we can achieve together. They must encourage us to be equally ambitious in all areas where we work together, “he concludes.
G20, Police Headquarters: fewer than the expected 5,000 participants in the procession
“Currently the number of demonstrators present at the parade departing from the Pyramid is below the one forewarned of 5,000”. This was announced by the Police Headquarters in a note.
G20, sources: leaders united on target 70% vaccinated world 2022
“In order to fully achieve the goal of a true and equitable recovery, all leaders have argued that it is necessary to eliminate inequalities between high and low-income countries in the availability and distribution of vaccines”. Diplomatic sources explain this after the first working session of the G20. The goal set by WHO is to vaccinate at least 40% of the global population by 2021 and at least 70% of the global population by 2022. The goal was announced by President Draghi in his introductory speech “and it is been shared by all leaders “, explain the same sources.
G20, Xi Jinping: on reducing climate-altering emissions developed countries lead by example
Chinese President Xi Jinping urges developed countries to lead by example in terms of reducing emissions. In his video conference speech at the G20 in Rome, Xi specified that countries with advanced economies must “fully embrace the difficulties and concerns of developing countries, implement their commitments on climate finance and provide technology, capabilities and other support for developing countries “.
G20, Putin asks for Sputnik recognition (and reciprocal vaccines)
Russian President Vladimir Putin has asked the G20 countries to accelerate the mutual recognition of mutual coronavirus vaccines. The exhortation reached the G20 summit via videoconference. Russia has developed three coronavirus vaccines, including Sputnik V, the world’s first vaccine approved for emergency use. “I would like to draw your attention to the fact that, despite the decisions of the G20, access to vaccines and other vital resources is not yet allowed to all countries that need them. This is caused by unfair competition, protectionism. and the refusal by some countries, including G20 members, to mutually recognize vaccines and vaccination certificates “.
Putin therefore urged the WHO to speed up the ratification processes of the new vaccines: the sooner this happens, the easier it will be to restore the functioning of the global economy, including the particularly affected tourism sector. Sputnik V has been approved for use by 70 countries and is recognized as proof of vaccination by over 100 countries, but not by the European Union or the United States.
G20, sources: support for health and finance task forces
During the first session of the G20’s work, many countries expressed support for the initiative of the Italian Presidency “aimed at establishing a global task force for health and finance, which will first of all favor a closer collaboration between these two worlds. “. Italian sources report it. Among others, Dutch President Rutte explicitly mentioned the importance of this initiative. Furthermore, the same sources add, the approval of the new issue of Special Drawing Rights by the IMF and the innovative mechanism for their reallocation, as well as the extension of the Debt Service Suspension Initiative (DSSI ) until the end of 2021.
G20, sources: broad and transversal support for minimun tax
During the first session “Global Economy and Health” of the G20, broad and transversal support was expressed for the agreement reached in the work of the summit on global minimum taxation. The support for global minimum taxation was explicitly expressed by the United States and by countries such as Brazil, France, Korea. Italian sources report it. The American President Biden, in particular, declared that “the international community, thanks to the agreement on the global minimum taxation, will support people by making sure that companies contribute by paying their share”, add the same sources.
The minimum tax agreement was reached after four years of intense debate, on a solution based on two pillars to address the fiscal challenges posed by the digitalization and globalization of the economy, the same sources confirm. An agreement was reached on the essential components of the architecture of the two pillars at the meeting of the Ministers of Finance and the Governors of the Central Banks on 9-10 July in Venice. The political agreement on all the elements of the new rules for the reform of the international tax system was finalized in the Washington meeting on 13 October. The agreement guarantees fair, modern and effective tax rules, which are also fundamental for encouraging investments and growth. The 136 members of the OECD / G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), including all G20 countries, and representing approximately 94% of world GDP, have joined the international agreement. The G20 asked the OECD / G20 Inclusive Framework to rapidly develop the legal instruments (models of domestic legislation and a multilateral convention) for the implementation of the new rules, with the aim of their entry into force by 2023.
China, Wang Yi: US does not interfere in Taiwan’s business
Chinese Foreign Minister Wang Yi warned the United States and its allies not to “interfere” in Taiwan’s affairs, according to a press release released hours before the Beijing chief of diplomacy attended the G20 summit in Rome. “Recently, the United States and other countries have attempted to gain success on the Taiwan issue, which is contrary to the political guarantees they made when establishing diplomatic relations with China,” Wang said. “If they failed to stop the one China principle 50 years ago, it is even more impossible in today’s world,” Wang added. “If they go ahead regardless, they will certainly pay a price.
G20, Mario Draghi’s welcome to the “Great Ones” of the Earth at the Nuvola di Fuksas, at the Eur in Rome
Smiles, fist greetings, handshakes and brief talks. The Prime Minister Mario Draghi welcomed to the Cloud of the Eur world leaders arriving in Rome to attend the summit of G20. Gives Boris Johnson ad Angela Merkel at its last summit of the 20 Great, from Joe Biden to the Turkish Erdogan, to the French president Emmanuel Macron, Draghi did the honors before the family photo that precedes the official start of the summit.
(He follows…)