G-20 leaders in dispute over Beijing Olympics

Officials have now agreed on texts on more than 50 topics, from fighting corruption to gender-based violence. Their most notable achievement, according to a draft text seen by POLITICO: Support for Global Tax Reform.

National leaders are expected to support the framework global tax agreement reached by their finance ministers on 13 October. In the draft language, the G-20 will call on all 140 countries involved in the negotiations to “rapidly develop the model rules and multilateral instruments” needed to introduce a 15% global minimum corporate tax rate in 2023.

In the victory of President Joe Biden – who called corruption around the world a threat to national security – G-20 leaders will strengthen their policy of “zero tolerance” of corruption by pledging to “deny safe haven to perpetrators of corruption and their property” and further efforts to prosecute supranational corruption.

The two most important open issues in the Communication are trade and investment and climate change.

Officials have not yet agreed on whether to commit to fighting “all unfair trade practices,” and have been unable to find an agreement on specific climate promises. The main reservations are China, India, Russia and Australia, which oppose the reference to the phasing out of coal energy.

Leaders are likely to recognize the “crucial importance” of mid-century zero net emissions plans and will “commit to reducing our overall greenhouse gas emissions in all areas”, and will welcome the joint German-Canadian plan to provide $ 100 billion in climate finance from rich countries to developing countries by 2023.

The host of the summit and Italian Prime Minister Mario Draghi told the assembled leaders on Saturday that “multilateralism is the best, in many ways the only possible answer to the problems we face today, from pandemics, climate to taxation.”

David Herszenhorn and Karl Mathiesen contributed to this report.

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