The Declaration issued by the G20 leaders at their meeting on 9 and 10 September 2023 included the following points:

Global Economic Situation

The Declaration noted the recent global crises that have posed challenges to long-term growth and the G20 confirmed its support for a rules-based, inclusive, sustainable and transparent multilateral trading system, with the WTO at its centre. The Declaration affirmed the commitment of the G20 to ensure a level-playing field and fair competition by discouraging protectionism and practices that distort the market. Reform of the WTO is required to improve its functions, and the G20 favours discussions to establish a well-functioning dispute settlement system.

Sustainable Development Goals (SDGs)

At the midway point to 2030, the Declaration noted that only 12 percent of the agreed targets are on course to be achieved. The G20’s convening power will be utilised to effectively implement the 2030 Agenda make faster progress towards achieving the SDGs. This involves recognising the role of digital transformation, AI and the need to address digital divides. Also, affordable and accessible financing from all sources needs to be mobilised to support developing countries in their implementation of the 2030 Agenda and the Addis Ababa Action Agenda. The G20 Declaration called on the developed countries to deliver on their official development assistance (ODA) commitments, as this will also encourage development financing from other sources.

G20 cooperation and partnerships will be mobilised to address challenges in implementing the 2030 Agenda. The Declaration welcomed the efforts made at the UN, including the Secretary General’s efforts to address the SDG financing gap through an SDG stimulus.

International Tax

The Declaration noted that the G20 remains committed to the swift implementation of the two-pillar international tax package and noted the progress on the delivery of a text of a multilateral convention (MLC) for Amount A of Pillar One and work on Amount B as well as the completion of the work on the development of the Subject to Tax Rule (STTR) under Pillar Two. The Declaration called on the Inclusive Framework to resolve remaining issues relating to prepare the MLC for signature in the second half of 2023; and to complete the work on Amount B by the end of 2023.

The Declaration noted the need for coordinated efforts on capacity building to implement the international tax package effectively and welcomed the plan for additional support and technical assistance for developing countries.

The G20 also called for the swift implementation of the Crypto Asset Reporting Framework (“CARF”) and amendments to the common reporting system (CRS). The Declaration noted the contents of the OECD Report on Enhancing International Tax Transparency on Real Estate and the Global Forum Report on Facilitating the Use of Tax-Treaty-Exchanged Information for Non-Tax Purposes.

Money Laundering

The G20 is committed to supporting the increasing resource needs of the Financial Action Task Force (FATF) and FATF Style Regional Bodies; and is committed to the global implementation of the revised FATF Standards on the transparency of beneficial ownership of legal persons and legal arrangements.

The Declaration welcomed the ongoing work of the FATF to improve global efforts to recover criminal proceeds, and the progress made by the FATF towards revising its standards on asset recovery and reinforcing global asset recovery networks. The Declaration noted the importance of countries implementing effective regulatory and supervisory frameworks to mitigate risks associated with virtual assets in line with FATF Standards, especially in relation to terrorism financing, money laundering and proliferation financing risks.