Pledging to invest in apprenticeships
Infrastructure and trade were the lead items in the communique, with support for a global infrastructure hub to be funded with both public and private money, and reforms to facilitate trade by “lowering costs, streamlining customs procedures, reducing regulatory burdens and strengthening trade-enabling services”.
The leaders also committed to reducing “unacceptably high” youth unemployment, pledging to invest in apprenticeships, education and training and incentives for hiring young people and encouraging entrepreneurship.
A surprise firm commitment to reduce the gender workforce participation gap by 25% by 2025 was also included, with the aim of bringing more than 100 million women into the labour force.
The leaders also endorsed the “bail in” work of the Financial Stability Board to help protect taxpayers in the event of a bank failure, and welcomed the progress of the OECD on multinational tax avoidance. “Profits should be taxed where economic activities deriving the profits are performed and where value is created,” the leaders affirmed.
An anti-corruption action plan was also endorsed, which includes recovery of the proceeds of corruption and denial of safe haven to corrupt officials.
