Skip to main content
The Globe and Mail
Support Quality Journalism.
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } //

G20 leaders participate in a virtual meeting during the G20 Leaders' Summit 2020 on Saturday.

SPUTNIK/Reuters

Leaders of the world’s 20 biggest economies on Sunday will pledge to pay for a fair distribution of COVID-19 vaccines, drugs and tests around the world so that poorer countries are not left out, and to extend debt relief to them, a draft G20 communique showed.

“We will spare no effort to ensure their affordable and equitable access for all people, consistent with members’ commitments to incentivize innovation,” the leaders said in the draft G20 statement, seen by Reuters. “We recognize the role of extensive immunization as a global public good.”

The leaders said the global economy was starting to pick up but the recovery remained “uneven, highly uncertain and subject to elevated downside risks.”

Story continues below advertisement

They pledged to continue to use all available policy tools as long as needed to safeguard lives, jobs and incomes, and encouraged the multilateral development banks to strengthen their efforts to help countries deal with the crisis.

MacKinnon: Virtual G20 summit to tackle big challenges with a controversial host and complicated guest list

The European Union has called for $4.5-billion by the end of the year from the G20 to pay for COVID-19 fighting tools for poorer countries.

The draft also calls on private creditors to join the debt servicing moratorium, which the G20 wants to extend until the middle of 2021 and possibly longer, and endorses a common framework for dealing with debt issues beyond that.

“There is a lack of participation from private creditors, and we strongly encourage them to participate on comparable terms when requested by eligible countries,” it said.

The leaders also recognized the specific challenges faced by countries in Africa and small island developing states, reflecting growing recognition that even some middle-income countries may need debt relief as a result of the pandemic.

Keen to be better prepared for any potential next pandemic that might come, G20 leaders also said they would commit “to advancing global pandemic preparedness, prevention, detection, and response” and “to the continued sharing of timely, transparent, and standardized data and information”.

As Democrat Joe Biden – an avowed multilateralist – prepares to replace Donald Trump as U.S. president in two months, the G20 statement struck a bolder tone on international trade, climate change and the role of the World Health Organization.

Story continues below advertisement

Trump, who favoured bilateral deals, has reduced support for multilateral institutions like the World Trade Organization, and this year threatened to quit the World Health Organization unless it was reformed. His administration had also previously blocked mentions of climate change in G20 communiqués

“Supporting the multilateral trading system is now as important as ever. We strive to realize the goal of a free, fair, inclusive, non-discriminatory, transparent, predictable, and stable trade and investment environment, and to keep our markets open,” the G20 statement said.

The G20 also said they would pursue a way to tax international tech giants like Google, Amazon, Facebook, Apple or Microsoft so that they pay their fair share of taxes.

The Internet giants have benefited greatly from the shift to tele-working forced upon the world economy by the pandemic, and European countries have long been pushing to tax them where they make their profits, rather than where they establish their subsidiaries for tax optimization purposes. But the initiative has so far been stalled by the Trump administration.

The imminent change of guard in the White House also seemed to unblock bolder G20 language on climate change.

“Preventing environmental degradation, conserving, sustainably using and restoring biodiversity, preserving our oceans, promoting clean air and clean water, responding to natural disasters and extreme weather events, and tackling climate change are among the most pressing challenges of our time,” the G20 draft statement said.

Story continues below advertisement

“As we recover from the pandemic, we are committed to safeguarding our planet and building a more environmentally sustainable and inclusive future for all people,” it said.

Coronavirus information
Coronavirus information
The Zero Canada Project provides resources to help you manage your health, your finances and your family life as Canada reopens.
Visit the hub

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies