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G20 summit in Russia to focus on economic growth

g20 summit

by Joseph Earnest  September 4, 2013


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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