THE SHERPAS HOLD THEIR FIFTH AND FINAL MEETING UNDER THE MEXICAN PRESIDENCY OF THE G20

•The fifth and final meeting of the G20 Sherpas under the Mexican Presidency came to an end yesterday. 

• For two days, the Sherpas met to assess the progress of the commitments made by the leaders at the Los Cabos summit.

• Mexico’s final day as president of the G20 is the last day of November when Russia takes over.

Representatives of the G20 Heads of State and Government of the G20, also known as the G20 Sherpas , met for the fifth and final time under the Mexican presidency of the G20 on October 29-30 on the Riviera Maya in Quintana Roo. The meeting was chaired by the Mexican Undersecretary of Foreign Affairs and Mexico’s G20 Sherpa, Ambassador Lourdes Aranda.

The Sherpas met to monitor compliance with the agreements reached at the G20 Leaders Summit in Los Cabos last June. The most significant outcomes of the summit included recapitalization of the International Monetary Fund for more than 450 billion dollars, and adoption of the Los Cabos Action Plan to strengthen macroeconomic coordination among the G20 countries.

The Sherpas praised Mexico's outstanding performance as president of the G20. While discussing financial issues, they stressed that significant progress has been made in the field of financial regulation and supervision, reform of the international financial architecture and the implementation of the Los Cabos Action Plan.

Regarding jobs, they highlighted the importance of continuing the work of the G20 Task Force on Employment in order to share best practices and provide recommendations to combat youth unemployment.

The Sherpas said that significant progress had been made in the Development Working Group, whose priorities are green growth, food security and infrastructure. They emphasized the importance of consulting and including the views of LDCs in the group's work.

They said that the Summit commitment not to engage in protectionist measures until 2014, as well as the discussions on global value chains and trade facilitation, have helped improve the atmosphere of the World Trade Organization multilateral trade negotiations. Increased trade is essential for economic growth to increase.

They also discussed the progress of various G20 initiatives that address the price volatility of agricultural commodities, such as the Agricultural Market Information System (AMIS), which will allow market transparency and avoid speculation. They also stressed the importance of continuing to work together to fight corruption and avoid its high economic cost. They welcomed the decision of the leaders in Los Cabos to renew the mandate of the Anti-Corruption Working Group until 2014.

The Sherpas also discussed the commitment of the G20 leaders to provide the G20 with accountability mechanisms in order to better evaluate and communicate the group´s various activities.

Lastly, they discussed the Russian Presidency of the G20, which will begin in December. Mexico is working closely with Russia to ensure a smooth transition that gives continuity to the commitments made earlier.

The G20 represents about 90 percent of global GDP, 80 percent of world trade and two-thirds of the world’s population, and is considered the most important economic forum at this time. It has been an honor for Mexico to lead this group of the world’s 20 leading economies and to promote the coordination of public policies designed to get the world back on the path of stability and growth.