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PM Harper on the G-20
13 November 2010
Ottawa, Ontario
Prime Minister Stephen Harper stated that he was pleased to be here today to discuss key economic and trade issues affecting the global economy. Prime Minister Harper noted that some leaders came from recent G-20 Summit where they had productive discussions that will inform APEC discussions.Prime Minister Stephen Harper updated APEC leaders of the discussions on the global recovery which remains fragile. G20 leaders agreed to continue to pursue coordinated actions that will enable us to achieve strong, sustained and balanced growth. We further agreed that we have achieved progress in key areas, including:
- a new financial regulatory framework involving stronger bank capital and liquidity standards from the Basel Committee on Banking Supervision
- the fulfilment of our Toronto commitment to reform international financial institutions. This important reform will give greater representation to emerging economies.
As part of the G-20 Framework, leaders asked the Working Group to develop proposals to deal with the complex issue of global trade imbalances. the Prime Minister noted that this Working Group is co-chaired by Canada. Prime Minister Harper committed to working diligently with other countries so that progress on this important issue is presented for discussion at the next G-20 Finance Ministers meeting in 2011.
A great deal of work is still required and the G-20 must continue to achieve concrete results.
Prime Minister Stephen Harper noted that the G-20 and APEC have complementary roles. The G-20 is focussed on global economic recovery, while APEC is focussed on increasing global trade and investment, which drives growth and creates jobs. Both fora are committed to avoiding protectionism is key to securing the recovery.
Leadership will need to be consistent in both fora.
