BRISBANE, Australia, Nov. 14 (Xinhua) -- Leaders of the Group of 20 (G20) industrial and emerging-market countries will gather here on Nov. 15-16 to discuss ways to address key obstacles and reforms needed to achieve stronger, more sustainable and balanced growth in G20 economies.
This will be the ninth G20 summit since the global financial crisis raged across the world in 2008 when the first summit took place in Washington, the United States. Following are major achievements of the previous G20 summits since 2010.
Toronto Summit
In June 2010, G20 leaders met for their fourth summit in Toronto, Canada. Focusing on the need for fiscal consolidation, the summit agreed that advanced G20 deficit economies would at least halve fiscal deficits by 2013 and stabilize or reduce sovereign debt ratios by 2016, complemented by ongoing structural reform across all G20 members to rebalance and strengthen global growth.
The leaders achieved a common understanding on concluding work in the Basel Committee on Banking Supervision on a new global regime for bank capital and liquidity by the Seoul G20 Summit. They extended their pledge to refrain from imposing new protectionist barriers until the end of 2013 and reiterated support for a successful conclusion to the Doha Round.
Seoul Summit
At the fifth G20 Leaders' Summit in November 2010 in Seoul, South Korea, members delivered the Seoul Action Plan, committing themselves to implement macroeconomic policies to ensure ongoing recovery and sustainable growth and enhance stability of financial markets.
The meeting decided to develop guidelines for addressing large current account imbalances under the Framework for Strong, Sustainable and Balanced Growth and made significant progress on financial sector reform to strengthen supervisory oversight of the global financial system.
The leaders also delivered on International Monetary Fund (IMF) quota and governance reform, in line with Pittsburgh Summit commitments and made important progress on strengthening global financial safety nets and the creation of the Precautionary Credit Line apart from initiating the G20 development agenda and launching the Seoul Development Consensus for Shared Growth.
Cannes Summit
The G20 Leaders converged in November 2011 in Cannes, France for their sixth summit, agreeing to develop a country-specific Cannes Action Plan for Growth and Jobs to address short-term economic vulnerabilities and strengthen the medium-term drivers of growth.
They pledged to ensure the adequacy of the European Financial Stability Facility (European Union members) and International Monetary Fund resources (G20 members), reaffirming the G20 anti- protectionism commitment and agreement to strengthen the World Trade Organization by considering additional and parallel international trade negotiations beyond the Doha Round mandate.
Los Cabos Summit
During the summit in June 2012 in Los Cabos, Mexico, the G20 leaders reached a consensus on the establishment of country- specific measures each G20 member would take to strengthen demand, growth, confidence and financial stability under the Los Cabos Growth and Jobs Action Plan.
The summit reaffirmed pledges for G20 members to increase International Monetary Fund (IMF) resources by 456 billion U.S. dollars and to implement the 2010 IMF quota and governance reforms. The leaders vowed to further the World Trade Organization (WTO) Doha Round Negotiations and press for outcomes on trade facilitation and streamline accession procedures for least developed countries.
St. Petersburg Summit
In September 2013, the G20 leaders convened their eighth meeting in St. Petersburg, Russia. The summit adopted the St. Petersburg Action Plan, which sets out reforms for achieving strong, sustainable and balanced growth, coupled with an Accountability Assessment describing progress made on past commitments.
The leaders extended their commitment not to introduce new trade or investment protectionist measures until the end of 2016 and agreed to fully endorse the OECD-created Action Plan aimed at addressing tax base erosion and profit shifting. The meeting issued the St. Petersburg Accountability Report on G20 Development Commitments and endorsed the St. Petersburg Development Outlook.
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