G20 summit in Russia to focus on economic growth

G 20 Summit

Newscast Media MOSCOW—Leaders from the Group of 20 (G20) advanced and
emerging economies, who are meeting in St. Petersburg, Russia, September 5 and 6,
are expected to focus on the importance of global economic growth and job creation,
a senior Obama administration official says.

“The economic context for this discussion is very different from last year,” a senior
official said during a recent White House background briefing on the trip. “It will be
the first one since November 2010 that will not be dominated by urgent measures to
resolve the financial crisis, initially in the United States and then in Europe.”

Before attending the G20 Russia Summit, President Obama will meet September 4 and
5 with Swedish and other Nordic leaders in Stockholm to discuss climate change,
defense and security cooperation, global development, and trade, a senior
administration official says.

The Russia Summit will be the seventh G20 summit Obama has attended since taking
office in 2009.

“Turning to a few other initiatives this year, one is work in this forum to prevent tax
evasion — illegal tax evasion and legal tax avoidance, which is when companies use
legal loopholes to reduce or avoid taxes,” the official said. The United States has
been a world leader in passing and implementing legislation that increases disclosure
requirements for individuals and financial institutions to crack down on illegal tax
evasion, the administration official said.

The Obama administration hopes to convince others in the G20 to adopt a similar
disclosure standard globally, he added.

G20 countries represent about 80 percent of the gross domestic product globally and
nearly 80 percent of world trade. They also represent two-thirds of the world’s
population.

Members of the G20 include the European Union and the following 19 countries:
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy,
Japan, Mexico, Russia, Saudi Arabia, South Africa, the Republic of Korea, Turkey, the
United Kingdom and the United States. The G20 also includes the members of the
Group of Eight most advanced economies — Britain, Canada, France, Germany, Italy,
Japan, Russia and the United States. The organization was formed in 1999.

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