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The Group of Twenty unites the leaders of twenty major world economies and is aimed at promoting the cooperation able to improve the international financial stability. As the G20 economies comprise nearly eighty percents of the world trade, the annual summit plays a vital role in setting the trends for businesses worldwide and guiding them towards contributing to the growth of world economy. The G20 Summit in Antalya in 2015 has important outcomes that have the potential to change the world economy for better and overcome current negative tendencies.
The main focus of the G20 summit was on the development of international efforts aimed at establishing effective cooperation and promoting the inclusiveness, and Antalya Action Plan including national and global steps for strong, sustainable and balanced growth is one of the main results of the summit (The Stings Team par. 1). Such outcome is important for the business sector, as the growth of world economy benefits all entrepreneurs across the world and encourages the creation of new businesses.
During the summit, Base Erosion and Profit Shifting Plan was finalized and considered the main tool for the implementation of regulations and recommendations aimed at ensuring the tax transparency (The Stings Team par. 5). Such outcome is crucial to the development of the business worldwide, as taxation is one of the major factors able either to boost the growth of business sector or significantly reduce it. Besides, the participants developed the G20 policy principles for promoting better youth employment outcomes and reducing the share of young people being unemployed, which can encourage young people to be active participants in both public and private sectors and change the age-related face of modern business worldwide (The Stings Team par. 6).
Besides, the participants of the summit set resisting protectionist measures as one of the primary priorities of the world trade (The Stings Team par. 8). This goal is especially vital nowadays when numerous businesses suffer from the protectionist politics led by certain countries. Overcoming this negative trend will benefit the world economy and open various opportunities for entrepreneurs across the globe. Prioritizing the fight against terrorism and handling of refugee crisis is another result of the summit, which affects world businesses, as both of the mentioned problems have severe negative impacts on the private sector of the countries affected by them.
President Xis speech on the summit revealed Chinas determination to promoting the growth of world economy by emphasizing the importance of developing international cooperation and responsibility (Yue par. 6). The declaration of Chinas commitment to driving global economic growth is crucial for the world private sector, as China is one of the major leaders in the international market and its readiness to be open and cooperative is of vital importance for maintaining the sustainability of many businesses. Chinas willingness to be proactive and overcome protectionism and self-centered tendencies is especially important now when the shifts in global economy power create the possibility of becoming the world economic leader for the country.
The results of 2015 G20 summit are mostly related to promoting international inclusiveness and creating essential opportunities for the global economic development. The determination of major world economies to make the international economic environment more open and favorable for trade is of vital importance for the successful functioning of businesses across the world, as they are highly vulnerable to negative tendencies weakening the world economy.
Works Cited
The Stings Team. G20 Live: Fact Sheet from the G20 Leaders Summit and key outcomes (G20 Antalya 2015 Summary. 2015. Web.
Yue, Chen. President Xis Speech at G20 Summit Embodies Major Country Responsibility. 2015. Web.
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