G20 leaders pledge to fund fair distribution of COVID-19 vaccines: draft statement

WASHINGTON (Reuters) – Leaders of the world’s 20 largest economies on Sunday will pledge to pay for a fair distribution of vaccines, drugs and COVID-19 tests around the world so that poorer countries are not excluded and to extend them. debt relief, showed a draft G20 communiqué.

“We will spare no effort to ensure their fair and affordable access for all people, in line with members’ commitments to incentivize innovation,” the leaders said in the draft G20 statement, seen by Reuters. “We recognize the role of large-scale immunization as a global public good.”

Leaders said the global economy was starting to recover, but the recovery remained “uneven, highly uncertain and subject to high downside risks”.

They pledged to continue using all available policy tools for as long as necessary to safeguard lives, jobs and incomes and encouraged multilateral development banks to step up their efforts to help countries cope with the crisis.

The European Union has asked the G20 for $ 4.5 billion by the end of the year to pay for COVID-19 combat tools for the poorest countries.

The draft also calls on private creditors to join the debt service moratorium, which the G20 wants to extend until mid-2021 and possibly longer, and endorses a common framework for addressing debt issues beyond.

“There is a lack of participation from private creditors, and we strongly encourage them to participate on comparable terms when requested by eligible countries,” he said.

Leaders also recognized the specific challenges faced by countries in Africa and small island developing states, reflecting the growing recognition that even some middle-income countries may need debt relief due to the pandemic.

Eager to be better prepared for any potential upcoming pandemics that may occur, G20 leaders also said they would commit to “promoting preparedness, prevention, detection and response to global pandemics” and “continued sharing of timely data. , transparent and standardized and information “.

BOLDER ON TRADE, CLIMATE

As Democrat Joe Biden – an established multilateralist – prepares to replace Donald Trump as president of the United States in two months, the G20 statement set a bolder tone for international trade, climate change and the role of the World Organization healthcare.

Trump, who favored bilateral agreements, cut back on support for multilateral institutions like the World Trade Organization and this year threatened to step down from the World Health Organization unless reformed. His administration had also previously blocked mentions of climate change in G20 communiques

“Supporting the multilateral trading system is now more important than ever. We strive to achieve the goal of a free, fair, inclusive, non-discriminatory, transparent, predictable and stable trading and investment environment and to keep our markets open, “states the G20 statement.

The G20 also said it will pursue a way to tax international tech giants like Google, Amazon, Facebook, Apple, or Microsoft so that they pay their fair share of taxes.

Internet giants have benefited greatly from the shift to telework imposed on the world economy by the pandemic, and European countries have long been pushing to tax them where they make their profits, rather than where they establish their subsidiaries for tax optimization purposes. But the initiative has so far been blocked by the Trump administration.

The upcoming changing of the guard at the White House also seemed to unlock bolder G20 language on climate change.

“Preventing environmental degradation, conserving, sustainably using and restoring biodiversity, preserving our oceans, promoting clean air and clean water, responding to natural disasters and extreme weather events, and addressing climate change are among the most pressing challenges of our time, “the G20 told the draft statement.

“As we recover from the pandemic, we are committed to safeguarding our planet and building a more sustainable and environmentally inclusive future for all people,” he said.