G20 Finance Ministers and Central Bank Governors Meeting concluded with tangible outcomes on Sunday in Sydney, the first held on Australia's soil.
On the press conference held in the afternoon, Australian Treasurer Joe Hockey announced the conclusion of the meeting and delivered a two-page communique, which is expected to realize a strong, sustainable and balanced growth in the global economy in the near term.
According to the communique agreed by the group, the G20 Finance Ministers and Central Bank Governors committed to implementing policies to grow their collective GDP by more than 2 percent above the current trajectory over the next five years.
Hockey said that this was the first time that they give a concrete number for achieving the growth target.
The communique says these policies mean an extra two trillion U. S. dollars in global economic activity and tens of millions of additional jobs.
Each country will deliver a comprehensive growth strategy as part of the Brisbane Leaders Summit in November as the first step, according to the Treasurer. He also stressed that economic structure reform is necessary for every nation.
Besides, the 20 nations also promised to take concrete actions to boost trade, competition, communication, employment opportunities and investment, particularly in infrastructure, as well as to build resilience in the financial markets.
In regard to the International Monetary Fund (IMF), Hockey said they must ratify the 2010 reforms, and encourage the U.S. to do so before the next meeting to be held in April.
The communique reflects the shared goals of the finance ministers and central bank governors that represent 75 percent of global trade and 85 percent of the world economy.