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06.07.2017 - 08: 03

The article by Vladimir Putin in the German newspaper Handelsblatt before the G20 summit

On the eve of a trip to Germany to participate in the next G20 summit, I would like to share with readers of one of the most popular and authoritative German newspapers Handelsblatt some ideas on cooperation within the framework of the G20.

Over the years, the Group of Twenty has established itself as a demanded mechanism for coordinating the interests and positions of the world's leading economies. The coordinated actions of the G20 facilitated the adoption of the necessary measures, not only to overcome the consequences of the financial and economic crisis, but also laid the foundation for the improvement of the global governance system, which for a number of reasons is now going through far from the best of times. And, what is very important, together we managed to solve many long-standing problems.

So, in Russia we highly appreciate practical steps to counteract the erosion of the taxable base and the corporations' loss of profits in so-called "tax havens". All economies suffer from this practice. I would add that such irresponsible behavior of companies adversely affects the standard of living of millions of people, entails great social costs.

Another achievement of the G20 is the practical implementation of agreements in the field of financial regulation reform. For example - on the special regulation of those banks, whose bankruptcy would be undesirable and risky because of the size of their business. For the first time in history, the interaction of supervisory bodies over the operations of participants in the non-banking financial sector was initiated. Of great importance are the decisions on the principles of preventing and overcoming crises in the banking sector, the organization of the work of deposit insurance agencies and much more.

And, of course, an important step forward was the creation of the Financial Stability Board. Thanks to this, work on reform of financial regulation has acquired a systematic, planned nature, and the Council has become a significant partner of the IMF in regularly conducted risk assessment studies. The establishment of the Council stimulated the emergence of similar structures at the national level.

The effectiveness of the G20 as a tool for global governance is not reduced, even in the face of growing geopolitical risks and uncertainties. In many respects this is due to the exclusive responsibility with which the countries-presidents approach the fulfillment of the mission entrusted to them. I say this, relying, among other things, on our own experience, since Russia presided in the G20 in 2013 and received strong support from all partners.

The basis of success of the Association is respect for the opinion and position of each participant, regardless of the size of the economy and place in the international monetary and financial system. Constructive discussion and search for compromises have become a kind of corporate style of the "twenty", an unwritten norm of mutual relations that the current country-chairman Germany is implementing.

The upcoming meeting of the G20 leaders in Hamburg is a good opportunity to discuss the most pressing issues on the global agenda. We share the priorities of the German presidency and are ready to work for their advancement. Of course, while preserving the continuity of previous decisions.

We welcome the expansion of the range of topics considered in the G20. I mean the issues of sustainable development, climate change, counteraction to terrorism and corruption, health, migration and refugees. We consider it extremely important that, thanks to the Chinese chairmanship in 2016, and this year - the efforts of German partners, the Union began to pay more attention to the digital economy as one of the sources of growth and a new factor in global governance.

We face really large-scale tasks. The former economic models have practically exhausted themselves, protectionism is becoming a norm, and its one-sided, politically motivated sanctions restrictions on trade and investment become its hidden form. Including - the diffusion of technology. In our opinion, such sanctions are not only unpromising, but also contradict the principles of cooperation promoted by the "twenty" in the interests of all countries of the world.

I am sure that only open trade relations based on uniform norms and standards stimulate the growth of the global economy and contribute to the progressive development of interstate relations. As it is laid down in the foundations of the World Trade Organization.

The G20 is in fact dealing with such a significant problem as global climate change. Human activities significantly increase the burden on the ecosystem of the planet, making it difficult to achieve the goals of sustainable development. Russia - one of the leaders of the international climate process - has exceeded its obligations under the Kyoto Protocol. Thus, we largely compensated for the growth in emissions in other countries and regions of the world. We consider the Paris Agreement signed last April as a reliable international legal basis for a long-term climate settlement and intend to fully support its implementation.

Over the past few years, the G20 has been paying serious attention to migration issues. According to the UN, in 2017, migrant workers will transfer more than 500 billion dollars to developing countries. This is three times the amount allocated as official development assistance, as well as the amount of foreign direct investment. Within the framework of the Association, there is an active study of the integration of migrants into the labor markets of the host countries, their cultural adaptation and social protection.

In addition, this year it was possible to formulate decisions that open the possibility of settling the problems of internally displaced persons. They are based on strengthening of regional and global stability, growth of economies of states that "generate" unprecedented flows of refugees.

A new topic within the G20 is information security. Russia has consistently advocated freedom of access to communication technologies, including the Internet. We attach great importance to the protection of human rights in the information space. However, in the digital environment, as in any other, freedom should in no case be replaced by permissiveness and impunity. This leads to rampant cybercriminals, hacker groups, all those who, using advanced technologies, encroach on the inviolability of the private life of citizens or the sovereignty of states.

Russia, one of the first to identify the danger of this challenge, has been promoting the idea of ​​concluding universal international agreements within the framework of the UN, designed to counteract these negative phenomena for several years. We are counting on a positive, interested reaction from other countries. The agenda of the G20 should also include issues of digital literacy - a key element of consumer protection in e-commerce.

I note that the opportunities offered by the digital economy, the transition to a new industrial and technological structure, simultaneously increase the gap in the level of development between rich and poor countries, exacerbate the problems of inequality between different social strata. Therefore, in the center of our efforts there should be a person, his interests and concerns. I consider this to be the most important priority in the activities of the Group of Twenty.

It is obvious that the G20 can make a significant contribution to strengthening the stability of the world economy and its harmonious development. Only together, combining efforts, it is possible to overcome the current imbalances and ensure sustainable growth, develop fair rules of trade and fair competition, reduce poverty, and resolve acute social problems.

The Russian delegation will take an active, interested part in the work of the summit in Hamburg, which, I am sure, will be effective. I wish our German colleagues success in its organization. And, of course, together with our partners in the G20, we will get involved in the practical implementation of the agreements adopted at the end of the meeting.

In conclusion, I would like to convey to the readers of the newspaper Handelsblatt, to all German citizens sincere wishes for health and well-being.

A source: Russian President

Tags: Putin, Russia, G20, Economy, Politics