Putin sets goals for upcoming G20 summit

MOSCOW - While global economy remains at risk, Moscow intends to ensure sustainable, inclusive growth as a common goal for the Group of Twenty (G20), President Vladimir Putin said Wednesday.

"Russian G20 Presidency is on the verge of entering its most important stage, which is the leaders' summit to be convened on September 5-6 in St. Petersburg," Putin said in his address published on the Kremlin website.

Putin expressed his hope that G20 could find a joint solution for capital markets' development on global and national levels, strengthen multilateral trade and energy markets stability, as well as fight corruption.

According to Putin, during this year the G20 made progress in implementing the framework for strong, sustainable and balanced growth, job creation, the international financial system reform, and strengthening of the multilateral trade.

"The G20-drafted joint Action Plan on Base Erosion and Profit Shifting can be by all means considered the most prominent step towards modernization and coordination of our countries'tax policies in 100 years," Putin said.

He mentioned Russia's initiative to hold a joint meeting of financial and labor ministers of G20 members.

"Since the very beginning of Russia's G20 Presidency, we have identified fostering economic growth and job creation as our primary objectives," Putin reminded.

He added that the important decisions would be made in St. Petersburg to stimulate investment and a roadmap for long-term investment financing has been developed along with principles for institutional investors.

"We plan to finalize decisions for promoting capital markets development, establishing more efficient financial regulation and infrastructure both globally and nationally, strengthening the multilateral trade system, enhancing energy and commodity markets sustainability, and fighting corruption," Putin added.h   St. Petersburg Development Outlook has been prepared to reflect the G20 priorities in assisting low-income countries and ensuring food security, financial inclusion, development of infrastructure and human capital, as well as mobilizing domestic resources.

Putin expressed his belief that the upcoming summit in St. Petersburg will confirm the G20's role as an efficient mechanism for coordinating the world's leading economies' approaches to global economy and finance.

"We anticipate further progress in consolidating our efforts to tackle the challenges we face and move further towards strong, balanced and inclusive growth, and sustainable development, and most importantly, towards our principal objective of better quality of life for the people," Putin concluded.

This year marks the fifth anniversary of the G20 establishment.