G20 Summit will not be 'talkfest': Australian Prime Minister Tony Abbott

Sydney, Nov 9: The upcoming G20 Summit will not be a "talkfest" but will focus on the clear goal of creating jobs, identifying tax cheats and boosting the world economy by two per cent, bringing "real difference" to people across the world, Australian Prime Minister Tony Abbott vowed.

Calling the November 15-16 Brisbane G20 Summit "the most important meeting ever held in Australia", Abbott said Australia, as this year's President of G20, has set an agenda based on three themes.

The meeting will be attended by leaders from 20 of the world's biggest developed and emerging economies including US President Barack Obama and Prime Minister Narendra Modi. The meeting will promote economic growth and jobs growth by strengthening the private sector.

It will make the global economy more resilient to future shocks, Abbott said. The meeting will strengthen global institutions because "in uncertain times, strong institutions make all the difference", he said in a statement. "It won't be a talkfest," Abbott asserted.

"It's an economic summit, so it will focus on what can be done to create jobs, identify tax cheats and improve the world economy," he said.

Abbott stressed that the focus of the Brisbane G20 Summit will be on the economy, because G20 members account for 85 per cent of the world economy and 75 per cent of world trade.

"We have a very clear goal - to boost global economic growth by two per cent above what is currently expected over the next five years." He said all the countries of the G20, including Australia, will be detailing their growth strategies at this summit.

Abbott said the Australian plan focuses on the fundamentals, that is, lowering tax, cutting red tape, investing in infrastructure, encouraging competition and increasing productivity.

"Australia's message to the world is that we are 'open for business'," said Abbott, quoting a slogan he used a lot during his election campaign last year. "It will be a big week for Brisbane with thousands of delegates and the international spotlight."

"It will also be a big week for Australia and I am confident that the G20 Summit will make a real difference to the lives of people right around the world," the Australian Prime Minister said.

PTI