G-20 News

Access to vaccines for all is key to global recovery, says FM Nirmala Sitharaman to G20 peers


Ensuring equitable access to Covid-19 vaccines for all is crucial for the transition from crisis to recovery and the proposed global tax deal will help address the challenges posed by the digitization of the economy, the finance minister said Nirmala Sitharaman at a G20 meeting.

Speaking at the G20 Finance Ministers and Central Bank Governors meeting in Washington, Sitharaman fought to bring equity in vaccine access and sustain support, build resilience, improve productivity and structural reforms in political goals, according to an official statement.

Appreciating the role of the G20 in mobilizing the pandemic response and supporting vulnerable countries through debt relief measures and the new SDR allocation, Sitharaman suggested focusing efforts so that the benefits reach the target countries.

The G20 finance minister and central bank governors approved the final deal for global tax reforms at Wednesday’s meeting.

Agencies

They discussed a range of topics, including current macroeconomic conditions, further progress in international tax reforms, coordination of vaccine distribution and long-term pandemic preparedness. According to a G20 statement, ministers and governors acknowledged that the global recovery continues at a strong pace, mainly due to the deployment of vaccines and continued political support.

“Nonetheless, the recovery remains very divergent between and within countries and exposed to risks, so members reaffirmed their willingness to continue supporting the recovery, avoiding any premature withdrawal of support measures,” he said. .

Tax agreement

G20 ministers and governors approved the final deal as set out in the declaration on a two-pillar solution and detailed implementation plan released by the Organization for Economic Co-operation and Development (OECD) Framework on Base Erosion and Profit Shifting (BEPS).

The two-pillar global tax framework requires all jurisdictions to impose a minimum tax of 15% on multinational companies above a certain threshold to ensure they do not escape taxation. Separately, it gives taxing rights to the countries where these companies operate even if they do not have a permanent establishment there.

Sitharaman said the deal will help address the tax challenges faced due to the digitization of the economy and addressing the issues of base erosion and profit shifting.

She also observed that failure to meet existing international commitments on climate finance and technology would weaken collective efforts.

Roundtable for investors

Addressing a roundtable, organized by the US India Business Council and the CII, the Minister of Finance highlighted various measures unveiled by the government such as the National Infrastructure Pipeline and GatiShakti, a master plan of Rs 100 lakh-crore for provide multimodal connectivity to cluster industries across the country.

The panel discussion brought together CEOs and business leaders from the insurance, private equity, tech, energy and pharmaceutical industries, including Milind Pant, Amway CEO, Vivek Lall, CEO of General Atomics Global Corporation, Octavio Simoes, President and CEO of Tellurian, Chris Ripley, President and CEO of Sinclair Broadcasting Group, and SV Anchan, President of Safesea Group.

In an interaction with Stanley C Erck, CEO of drugmaker Novavax, Sitharaman discussed important government initiatives for healthcare reforms such as research and development (R&D) in the medical sciences, health and healthcare. well-being.

His interview with B Marc Allen, director of strategy at Boeing, focused largely on the areas of skills, R&D, manufacturing automation, innovation and the aerospace sector. The finance minister highlighted Boeing’s collaboration in the Make in India and Aatmanirbhar Bharat initiative and the company’s interest in investing in the coming years, the finance ministry tweeted.

While interacting with the CEO of Amway, Sitharaman mentioned initiatives such as the National Infrastructure Master Plan, GatiShakti and a range of opportunities at IFSC in Gujarat. “FM has underlined the presence and performance of the company in India since 1998 and its willingness to invest in the years to come,” the ministry tweeted.