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1. Fourteen years ago, the Leaders of the G20 met for the first time, facing the most severe financial crisis in our generation. . . . We designated the G20 the premier forum for global economic cooperation, and today we reaffirm our commitment to cooperate as we, once again, address serious global economic challenges.

2. We met in Bali on 15-16 November 2022, at a time of unparalleled multidimensional crises. . . .

3. This year, we have also witnessed the war in Ukraine further adversely impact the global economy. . . . Recognizing that the G20 is not the forum to resolve security issues, we acknowledge that security issues can have significant consequences for the global economy.

4. It is essential to uphold international law and the multilateral system that safeguards peace and stability. . . .

5. . . [I]t is essential that the G20 undertakes tangible, precise, swift and necessary actions, using all available policy tools, to address common challenges, including through international macro policy cooperation and concrete collaborations. In doing so, we remain committed to support developing countries, particularly the least developed and small island developing states, in responding to these global challenges and achieving the SDGs. . . . [W]e will:

-- Stay agile and flexible in our macro-economic policy responses and cooperation. . . .
-- Protect macroeconomic and financial stability . . . .
-- Take action to promote food and energy security and support stability of markets . . . .
-- Unlock further investments for low- and middle-income and other developing countries . . . .
-- Recommit to accelerate achievement of the SDGs . . . .

6. We are deeply concerned by the challenges to global food security exacerbated by current conflicts . . . .

7. We support the international efforts to keep food supply chains functioning under challenging circumstances. . . .

9. We are committed to supporting the adoption of . . . digital innovation in agriculture and food systems to enhance productivity and sustainability in harmony with nature and promote farmers and fishers’ livelihoods and increase income . . . .

10. We ask the Food and Agriculture Organization (FAO) and the World Bank Group (WBG) to share with us the results of their mapping exercises on food insecurity . . . .

11. . . We stress the importance of ensuring that global energy demand is matched by affordable energy supplies. We reiterate our commitment to achieve global net zero greenhouse gas emissions/carbon neutrality by or around mid-century . . . .

12. We reaffirm our commitment to achieve SDG 7 targets and strive to close the gaps in energy access and to eradicate energy poverty. . . .

13. . . [W]e reaffirm our steadfast commitments, in pursuit of the objective of UNFCCC, to tackle climate change by strengthening the full and effective implementation of the Paris Agreement and its temperature goal, reflecting equity and the principle of common but differentiated responsibilities and respective capabilities in light of different national circumstances. . . .

14. We welcome the progress to date towards achieving a Post 2020 Global Biodiversity Framework (GBF). . . .

15. We will step up efforts to halt and reverse biodiversity loss . . . .

16. We acknowledge the urgent need to strengthen policies and mobilize financing, from all sources in a predictable, adequate and timely manner to address climate change, biodiversity loss, and environmental degradation including significantly increasing support for developing countries. . . .

17. . . . [W]e reiterate that our policy mix toward carbon neutrality and net zero should include a full range of fiscal, market and regulatory mechanisms . . . .

18. We are committed to take actions in support of orderly, just and affordable transitions to achieve the objectives of the 2030 Agenda for Sustainable Development in line with the UNFCCC and the Paris Agreement as well as with the convention on Biological Diversity. . . .

19. We remain committed to promoting a healthy and sustainable recovery which builds towards achieving and sustaining Universal Health Coverage under the SDGs. . . .

20. . . [W]e welcome the establishment of a new Financial Intermediary Fund for Pandemic PPR (the ‘Pandemic Fund’) hosted by the World Bank. . . .

21. It is essential to continue collaboration between Finance and Health Ministries for pandemic PPR. . . .

22. We recognize that the extensive COVID-19 immunization is a global public good and we will advance our effort to ensure timely, equitable and universal access to safe, affordable, quality and effective vaccines, therapeutics and diagnostics (VTDs). . . .

23. We recognize the need for strengthening local and regional health product manufacturing capacities and cooperation as well as sustainable global and regional research and development networks to facilitate better access to VTDs globally, especially in developing countries . . . .

24. The COVID-19 pandemic has accelerated the transformation of the digital ecosystem and digital economy. We recognize the importance of digital transformation in reaching the SDGs. . . .

25. We encourage international collaboration to further develop digital skills and digital literacy to harness the positive impacts of digital transformation, especially for women, girls, and people in vulnerable situations, and further support efforts to develop reliable skills and literacy. . . .

26. We found digital technology becomes the key for recovery and empowerment across various sectors . . . .

27. We support continued implementation of the G20 Roadmap for Enhancing Cross-Border Payments, including the future delivery of the initial estimates for key performance indicators and 2022 Progress Report that sets out priorities for the next stage of work. . . .

28. We endorse the G20 Financial Inclusion Framework on Harnessing Digitalization to Increase Productivity and Foster a Sustainable and Inclusive Economy for Women, Youth and MSMEs or Yogyakarta Financial Inclusion Framework guided by the G20 2020 Financial Inclusion Action Plan. . . .

29. . . [W]e commit to well-calibrated, well-planned, and well-communicated policies to support sustainable recovery, with due consideration to country-specific circumstances. We commit to mitigate scarring effects to support strong, sustainable, balanced and inclusive growth. We will stay agile and flexible in our fiscal policy response, standing ready to adjust to the changing circumstances as needed. . . .

30. G20 central banks are strongly committed to achieving price stability, in line with their respective mandates. . . .

31. We are committed to the swift implementation of the OECD/G20 two-pillar international tax package. . . .

32. We reaffirm our commitment to strengthening the long-term financial resilience of the international financial architecture, including by promoting sustainable capital flows, and developing local currency capital markets. . . .

33. 1 We are committed to support all vulnerable countries to recover together, recover stronger. We welcome pledges amounting to USD 81.6 billion through the voluntary channelling of Special Drawing Rights (SDRs) or equivalent contributions, and call for further pledges from all willing and able countries to meet the total global ambition of USD 100 billion of voluntary contributions for countries most in need. . . .

34. In the face of a more challenging global economic and financial outlook, we underline the need to reinforce global financial system resilience and ask the Financial Stability Board (FSB) and IMF to continue their monitoring efforts. . . .

35. We welcome ongoing work by the FSB and international standard setters to ensure that the crypto-assets ecosystem, including so-called stablecoins, is closely monitored and subject to robust regulation, supervision, and oversight to mitigate potential risks to financial stability. . . .

36. We reaffirm that the rules-based, non-discriminatory, free, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system (MTS), with the WTO at its core, is indispensable to advancing our shared objectives of inclusive growth, innovation, job creation and sustainable development in an open and interconnected world as well as to supporting the resilience and recovery of a global economy under strain due to COVID-19 and global supply chain disruption. . . .

37. We are committed to reinforce international trade and investment cooperation to address supply chain issues and avoid trade disruptions. . . .

38. We recognize the importance of revitalizing infrastructure investment in a sustainable, inclusive, accessible, and affordable way. . . .

39. The rise of automation and digital technologies are reshaping the world of work, presenting both opportunities and challenges. . . .

40. We reaffirm our commitment to support the full inclusion of migrants, including migrant workers, refugees, in our recovery efforts, in the spirit of international cooperation and in line with national policies, legislation, and circumstances, ensuring full respect for their human rights and fundamental freedoms regardless of their migration status. . . .

41. We remain committed to a human-centred, inclusive, fair, sustainable approach that leads to greater social justice, decent work, and social protection for all. We will continue our work to integrate persons with disabilities, women, and youth across sectors and levels in pursuit of an inclusive labour market. . . .

42. . . . We will demonstrate leadership and take collective actions to implement the 2030 Agenda for Sustainable Development and accelerate the achievement of the SDGs by 2030 and address developmental challenges by reinvigorating a more inclusive multilateralism and reform aimed at implementing the 2030 Agenda.

43. In this regard, we will strengthen inclusive and sustainable recovery and build resilience in all developing countries, including SIDS in the Pacific and Caribbean and LDCs, through ambitious and concrete actions. We also reiterate our continued support to Africa, including through the G20 Compact with Africa and the G20 Initiative on Supporting Industrialization in Africa and LDCs. . . .

44. . . We will empower relevant actors within and beyond G20 to remove barriers to education, improve teaching and learning environments, and support transitions within and across all stages of education, with emphasis on women and girls. . . .

45. We acknowledge the importance of research and innovation in sustainable resource utilization in various sectors, especially in the midst of health, climate, food and energy crises. . . .

46. . . [W]e reaffirm our commitment to put gender equality and women’s empowerment at the core of our efforts for an inclusive recovery and sustainable development. . . .

47. We reaffirm the important role of tourism for global recovery, and the community-based approach for rebuilding a more human-centred, inclusive, sustainable, and resilient tourism sector. . . .

48. We reaffirm the role of culture as an enabler and driver for sustainable development with intrinsic value beyond its social and economic benefits. . . .

49. We will continue to lead by example through strengthening and implementing our obligations and commitments to anti-corruption efforts including through legally binding instruments, while renewing our commitment to zero tolerance for corruption. . . .

50. We recognize the need for the international community to step up their efforts to effectively combat money laundering, terrorism financing, and proliferation financing. . . .

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1 Noting that one member has divergent views on debt issues in paragraph 33, and emphasized the importance of debt treatment by multilateral creditors like MDBs.

https://www.whitehouse.gov/briefing-room/statements-releases/2022/11/16/g20-bali-leaders-declaration/

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