Sunday, June 27, 2010
G20 agrees to deficit reduction targets
World leaders at the close of Toronto's G20 summit have agreed to a Canadian-led plan for industrialized nations to slash their deficits in half by 2013.
In the G20's final communiqué released on Sunday, the leaders also gave each other plenty of leeway in meeting the deficit reduction targets and let countries choose their own path on ensuring taxpayers don't have to foot the bill for bank bailouts.
Speaking as the host nation at the end of the summit, Canadian Prime Minister Stephen Harper said the leaders came to Toronto amid "growing concerns" of swelling deficits and agreed on the need for fiscal consolidation.
Harper said the G20 still has a lot to do to "entrench the global economic recovery" but has taken important steps with the agreement.
The communiqué recognizes that not all countries are in the same position, which means the policies could be "tailored" to each country's circumstances.
As anticipated, a proposed bank tax — a measure vehemently opposed by the Canadian government — was not included in the final communiqué.
Instead, the G20 statement said countries can decide on their own whether to pursue a financial levy or follow "other options."
Canadian Prime Minister Stephen Harper, front row, sixth from left, and leaders of the international community take part in the family photo at the G20 summit in Toronto on Sunday.
G20 must act decisively: Harper
G 20 in Toronto
U.S. President Barack Obama, left, talks with Prime Minister Stephen Harper during the opening plenary session of the G20 Summit in Toronto on Sunday. (Jason Reed/Associated Press)
Prime Minister Stephen Harper used his opening address at Sunday's G20 meeting in Toronto to try to convince his fellow leaders that the fate of millions of people could suffer if they don't agree to cut deficits.
Arguing that the world economy remains fragile, Harper called on the G20 to take decisive action.
"We should agree that deficits should be halved by 2013, that government debt-to-GDP ratios should be stabilized by 2016 at least or put on a downward path," he said.
"We should agree to consider those targets as minimum."
A draft of the final communiqué, obtained by the CBC's senior business correspondent Amanda Lang, also contains other statements on the key issue facing the G20, an organization formed in 2008 to deal with the recession.
In his opening speech, Harper said the G20 needs to take decisive, co-ordinated and balanced action as the world economy struggles to return to growth.
"We need to send a clear message that as our stimulus plans expire we will focus on getting our fiscal houses in order," he said.
That issue is whether it's more important for countries to reduce their deficits by cutting spending — or if it's too early to trim government stimulus spending because the economic recovery is so weak.
U.S. President Barack Obama is in the latter camp. Some European countries, including Britain, are more concerned with avoiding a financial crisis brought on by too much government spending. The trouble facing Greece earlier this year, when it had to be bailed out because it was close to running out of money, concerns them.
'Whole world is watching'
If a government defaulted on its repayments, the whole financial structure could crash, some countries believe. But others fear that cutting the stimulus too soon could choke the recovery."The whole world is watching us because the fate of millions of people depends on our actions," Harper said, noting that failing to act could cost millions of jobs.
If the deficit-cutting idea survives in the final version of the document to be released Sunday, it would suggest the European countries have prevailed.
But Lang said the document recognizes that all countries are not in the same position, which means the policies could be tailored to each country's circumstances.
Tougher standards for banks are also on the G20 agenda.
The Canadian Press reported early Sunday that Canada had prevailed in its battle against a bank tax, which some countries had endorsed.
The final communiqué is expected to say countries should make sure taxpayers won't pay when banks fail.
Individual countries will be allowed to decide how to do that.
The G20 includes emerging economies like China, India and Brazil as well as the traditional European and North American leaders.
G8 Muskoka Declaration Recovery and New Beginnings
Wind down: French President Sarkozy, President Obama, German Chancellor Angela Merkel and David Cameron share a laugh after their formal family photo session at the Muskoka Resort for the G8 Summit
Quick chat: David Cameron and German Chancellor Angela Merkel, left, share a word during a G8 Working Session
Barack Obama and David Cameron en route to the G20 Summit in Toronto Photo: AP
Muskoka, Canada, 25-26 June 2010
…………………………………………………………………………………………………………………………….
International Peace and Security
27. We, the Leaders of the G8, remain deeply concerned about serious threats to global peace and security. We are all affected by threats from the proliferation of weapons of mass destruction, terrorism, international organized crime (including drug trafficking), piracy and from political and ethnic conflict. Prosperity, development and security are inextricably linked, and the economic well being and security of our own countries and those around the world are therefore interdependent. We share a vision of a peaceful world, based on the principles of freedom, democracy, respect for human rights and the rule of law, and remain ready to continue to work on this basis in partnership with each other and other concerned countries to address security challenges that affect us all. ……………………....................................................
40. We urge the Government of Myanmar to take the steps necessary to allow for free and fair elections. Full and inclusive democratic participation is essential to this. We urge the Government to release without delay all political prisoners, including Aung San Suu Kyi, and engage the democratic opposition and representatives of ethnic groups in a substantive dialogue on the way forward to national reconciliation. ............................................................
In addition, Canada's Foreign Minister mentioned the concern on relationship Burma and North Korea in his June 18th speech in toronto about "G8 Today"
Non-proliferation
This agenda reflects the reality that the global threat posed by the potential use of nuclear weapons by state and non-state actors remains very real. .......................................................................................................................
Speaking at the Non-Proliferation Treaty Review Conference [2010 Review Conference of the Parties to the Treaty on the Non-Proliferation of Nuclear Weapons] recently in New York, I called on North Korea to return to the Six-Party Talks, to dismantle its nuclear weapons program in a complete, verifiable and irreversible manner, and to accept comprehensive international safeguards for its nuclear programs.
North Korea may be working to export its nuclear technology to another country with a deplorable human rights record, Burma, a country against which we have implemented very stringent sanctions.
Media Inquiries (G8 Summit, Foreign Afafirs Ministry)
In Canada and the U.S., please call 1-877-328-9968; outside North America, please call 416-607-2369. You can also email mediaG82010@international.gc.ca.
Dear All Friends Of Burma,
We would like to mention that this (Burma in G8 declaration) is a result of our collective efforts including individual letters and joint letters to the Prime Minister and Foreign Minister of Canada. Hope we can continue this momentum.
Thanks.
Thursday, June 24, 2010
The Address by Canadian Foreign Minister Lawrence Cannon on G8 today
The Address by Foreign Minister Cannon to Munk School of Global Affairs on June 18, 2010. He mentioned about Burma and North Korea.
The G-8 today
The G-8’s past success and enduring value lies in its unique role as a forum for leading and like-minded countries to engage in frank, focused discussion on some of the most difficult global challenges.
…………………………………………………………………………………………………………………………………………
In their discussions in Muskoka, leaders will build on the G-8’s record and advance the results of the G-8 foreign ministers’ meeting, which concentrated on three themes: nuclear non-proliferation and disarmament, Afghanistan and Pakistan, and the security vulnerabilities many countries are facing.
Non-proliferation
This agenda reflects the reality that the global threat posed by the potential use of nuclear weapons by state and non-state actors remains very real.
…………………………………………………………………………………………………………………………
Speaking at the Non-Proliferation Treaty Review Conference [2010 Review Conference of the Parties to the Treaty on the Non-Proliferation of Nuclear Weapons] recently in New York, I called on North Korea to return to the Six-Party Talks, to dismantle its nuclear weapons program in a complete, verifiable and irreversible manner, and to accept comprehensive international safeguards for its nuclear programs.
North Korea may be working to export its nuclear technology to another country with a deplorable human rights record, Burma, a country against which we have implemented very stringent sanctions.
In spite of the challenges posed by the activities of Iran and North Korea, the Non-Proliferation Treaty is being strengthened. …………………………………………….”
The G-8 today
The G-8’s past success and enduring value lies in its unique role as a forum for leading and like-minded countries to engage in frank, focused discussion on some of the most difficult global challenges.
…………………………………………………………………………………………………………………………………………
In their discussions in Muskoka, leaders will build on the G-8’s record and advance the results of the G-8 foreign ministers’ meeting, which concentrated on three themes: nuclear non-proliferation and disarmament, Afghanistan and Pakistan, and the security vulnerabilities many countries are facing.
Non-proliferation
This agenda reflects the reality that the global threat posed by the potential use of nuclear weapons by state and non-state actors remains very real.
…………………………………………………………………………………………………………………………
Speaking at the Non-Proliferation Treaty Review Conference [2010 Review Conference of the Parties to the Treaty on the Non-Proliferation of Nuclear Weapons] recently in New York, I called on North Korea to return to the Six-Party Talks, to dismantle its nuclear weapons program in a complete, verifiable and irreversible manner, and to accept comprehensive international safeguards for its nuclear programs.
North Korea may be working to export its nuclear technology to another country with a deplorable human rights record, Burma, a country against which we have implemented very stringent sanctions.
In spite of the challenges posed by the activities of Iran and North Korea, the Non-Proliferation Treaty is being strengthened. …………………………………………….”
Wednesday, June 23, 2010
Earthquake rattles Toronto
Wednesday, June 23, 2010
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Tuesday, June 22, 2010
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