It is an action plan adopted at the G-20.
The Hamburg Action Plan sets out the G20’s strategy for achieving strong, sustainable, balanced and inclusive growth.
The Hamburg Action Plan also includes new measures we are taking to strengthen the international financial architecture, improve financial sector regulation and development, and promote collaboration on international taxation issues.
Provisions of the plan
- In the action plan, the G20 members resolved that they will continue to use all policy tools - monetary, fiscal and structural - individually and collectively to achieve the goal of strong, sustainable, balanced and inclusive growth, while enhancing economic and financial resilience.
- It included new policy actions to tackle challenges in economies, focusing on initiatives that foster inclusive growth, enhancing resilience and further the G20 efforts to implement structural reforms.
- The members committed to use their fiscal position flexibly and in growth-friendly way to prioritise high-quality investment, and support reforms, while ensuring debt as a share of GDP is on a sustainable path.
- They also reinforced their commitment to structural reform and acknowledged that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.
- The G20 leaders also committed to refrain from competitive devaluations and pledged not to target their exchange rates for competitive purposes.
- On promoting inclusive growth, the Action Plan noted that the inequality within many countries had increased until the mid-2000s and the member countries are introducing further measures this year to promote inclusive growth and raise the living standards of all their citizens.
- On taxation, it stated that the G20 will continue to work for a globally fair and modern international tax system and welcome international cooperation on pro-growth tax policies.
- It also called on all jurisdictions to sign and ratify the multilateral Convention on Mutual Administrative Assistance in Tax Matters.
- Terming the multilateral convention as an important tool in fight against corruption, tax evasion, terrorist financing and money laundering, the G20 said it will advance the effective implementation of the international standards on transparency and beneficial ownership of legal persons and legal arrangements.