Identifying Commitments

International Trade

1996

G8 Communiqué Lyon 1996

1. Credibility of Multilateral Trading System- "We reaffirm our commitment to working to strengthen the confidence in and credibility of the multilateral trading system by avoiding taking trade and investment measures that would be in contradiction with WTO rules and OECD codes, and by using and complying with any applicable provisions for consultation and dispute settlement when differences arise."
2. LDC Integration in Global Trading System-"We recognize the importance of the integration of developing countries in the global trading system as an essential element of sustainable growth and development. We have agreed on ways to help developing countries, especially the least developed, to benefit more fully from the results of the Uruguay Round."
3. Monitoring Uruguay Round Commitments- "We will continue to monitor the strict implementation of commitments and precise compliance with timetables agreed at the end of the Uruguay Round."
4. WTO membership- "In accordance with the rules of the World Trade Organization and on the basis of significant liberalization commitments, we support the accession of new members to the WTO."
5. Benefits of Uruguay Round on developing countries-"We have agreed on ways to help developing countries, especially the least developed, to benefit more fully from the results of the Uruguay Round."
6. Implementation of Uruguay Round-"We will ensure full and effective implementation of the Uruguay Round results according to the agreed timetables. We are resolved to complete all ongoing negotiations in the service sector and to re-launch talks in Singapore on financial services so as to reach significant balanced and non-discriminatory liberalization commitments by December 1997."
7. Broadening WTO agenda-"We invite the WTO Ministerial Conference to broaden its agenda to include topics of special importance for trade and investment liberalization by: beginning an examination of trade and investment in the WTO and work towards a consensus which might include the possibility of negotiations; discussing the interaction between trade and competition policy with a view to determining how to proceed; exploring possible new industrial tariff initiatives in sectors to be agreed by consensus.
8. Freer Access to Markets-"We also believe that there is more to be done in areas where other obstacles still seriously impede freer access to markets, in particular: by encouraging more convergence between national standards and international norms, by further regulatory reform and by mutual recognition of procedures for testing and for certification; by enhancing the disciplines of and expanding the number of countries subscribing to the Agreement on government Procurement and, in furtherance of this goal, by developing an interim arrangement on transparency, openness and due process in government procurement practices; by effectively enforcing and further developing intellectual property disciplines.
9. Customs Procedures-"In order to facilitate the free flow of trade, we will initiate an effort to further standardize and simplify customs procedures among our countries."

Identifying Commitments

Debt Relief

1996

G8 Communiqué Lyon 1996

1. Financing ESAF- "We are committed to a continuing Enhanced Structural Adjustment Facility (ESAF) as the centrepiece of the International Monetary Fund support for the poorest countries…we will examine constructively and positively the options for financing the needed subsidies, using primarily resources held by the IMF, without excluding bilateral contributions."

    

2. Naples Terms "Following the proposals developed by the Bretton Woods Institutions, we look forward to a concrete solution being agreed by next Autumn at the latest on the following basis:

(i) The solution should provide an exit for unsustainable debt and be based on a case-by-case approach adapted to the specific situation of each country concerned, once it has shown its commitment to pursuing its economic adjustment.

(ii) The continuation of ESAF will provide the basis for a reduction in the burden of debt to the IMF for these countries

(iii)…we will support and work together for an overall World Bank contribution of the order of 2 billion $ for this initiative

(iv)…we urge the Paris Club creditor countries, where they deem appropriate, on a case-by-case basis, to go beyond the Naples terms for these countries. These efforts would include, on a voluntary basis, debt conversion schemes up to 20% instead of currently 10% of the stock of debts, and increased debt alleviation. In parallel, and on the basis of the same assessment, all other bilateral creditors are encouraged to make their own contributions to these countries in terms comparable."

 

3. Quality and Access to Development Aid- "…Bilateral agreements for investment protection and generalized preference measures contribute to this objective. We renew our commitment to secure substantial flows of official aid and to improve the quality of this aid. The whole international community should be mobilized in this effort, and new donors should assume growing responsibility, so that the burden is more equally shared."

    

4. Global Partnership for Development "Within the framework of this new partnership, the priority must be to implement more effectively-targeted policies, with four complementary objectives:

(i) We will concentrate resources on [Sub Saharan African] countries that need them most and that can use them effectively, reflecting the fact that their policy program is credible and that their Government is fully committed to implement it. Grants and concessional financing should be directed primarily to meet the financial requirements of the poorest countries which have no or limited access to the international capital markets, once they can demonstrate their commitment to create the conditions to use them effectively;

(ii) [We will] give more explicit priority to sustainable development and the alleviation of poverty. This should mean adequate ODA funding of essential sectors such as health and education, basic infrastructures, clean water schemes, environmental conservation, micro-enterprises, agricultural research and small-scale agriculture, with for example the help of IFAD;

(iii) We should support the establishment of a dynamic and competitive private sector in developing countries based on small and medium scale enterprises.

(iv) lastly, further integrating the Least and Less Developed Countries into the global economy, using the full range of policy instruments having an impact on development. Within the multilateral environment which has emerged from the Uruguay Round Agreement, this should be an essential objective. We will support the LLDCs' efforts to achieve such integration, for example, by responding favourably to requests for technical assistance in the fields of investment, privatization and export diversification, and encouraging international organisations and programs to do likewise. We will implement the provisions of the Marrakech Decision on Measures in Favour of Least Developed Countries. In this context we will examine what each of us could do to improve their access to our markets and we encourage others to do the same, including other developing countries."

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