All on board: Policies for inclusive growth and jobs

© OECD/Hervé Cortinat

This is the Ministerial Council Statement adopted at the OECD Ministerial Council Meeting on 24 May 2012. 

On the occasion of the 2012 OECD Ministerial Council Meeting, we* have assembled under the Chairmanship of Turkey and the Vice-Chairmanship of Chile and Poland. Our discussions benefited greatly from the participation of the Russian Federation, which is in the accession process to the OECD and our Key Partners–Brazil, People’s Republic of China, India, Indonesia and South Africa–and international organisations.

We welcome the solid progress that has been made to implement the OECD 50th anniversary Vision Statement adopted at the 2011 MCM and collectively engage to translate it into concrete results. We welcome the role the Secretary-General has played in proposing new initiatives, including his Strategic Orientations, and increasing the organisation’s visibility and impact.

Inclusive growth and jobs

In light of the current economic situation, we are strongly committed to achieving inclusive growth and jobs through effective structural reforms, responsible fiscal and social policies, and appropriate measures to stabilise the financial sector. Sustainable economic growth is a critical objective and future OECD strategies will promote green growth. We underscore the importance of empowering people and enterprises to overcome current economic challenges, including the worrying trend of rising inequality and high levels of unemployment in many countries. We therefore encourage further investment in people’s skills, and better matching skill supply and demand. We underline the importance of the full participation of women for the success of our economies. We welcome the OECD’s new initiatives, namely the Skills Strategy and the Gender Initiative, as well as the ongoing work on Inequality, Innovation, Green Growth and New Sources of Growth, like Knowledge Based Assets, and on Measuring Progress. They provide significant insights and guidance and serve as important tools for employment-oriented growth and valorisation of human capital. We also welcome the OECD’s work to promote open markets and legal certainty for international investment and responsible conduct of multinational enterprises, and to ensure competitive neutrality between public and private owned-businesses. We will continue to promote competition as the driving force of modern, open-market economies that fosters innovation, enhances efficiency, and expands the welfare and wellbeing of citizens.

We reaffirm our commitment to an open multilateral trading system, to further liberalisation, to fight protectionism in all its forms, and to refrain from adopting measures, which restrict trade and are detrimental to investment. To this end, we agree on standstill and roll back commitments as they were reaffirmed at the G20 Cannes Summit and ask the OECD to monitor such measures, and for the Trade Committee to carry out its decision to provide a report and a workshop assessing the impact of trade related measures. We welcome the OECD’s work on the relationship between trade and jobs, global value chains, the measurement of trade in value added terms and services trade restrictions, and the contributions it can make, in cooperation with the WTO, to the multilateral trade agenda. We call upon the OECD to accelerate and broaden its work on the development of a services trade restrictiveness database and index and to extend the work to all countries that are, or aspire to be, major services providers.

We are committed to analysing the root causes of the crisis and drawing lessons from it, and to updating the OECD’s economic analysis and policy recommendations where needed. We therefore launch today the initiative on “New Approaches to Economic Challenges.”

Development strategy

We endorse the OECD Strategy on Development as an essential tool to ensure that the organisation’s work on development is strengthened, mainstreamed and is responsive to fast-changing global realities where countries at varying levels of development can contribute to global sustainable growth. Building on the organisation’s core policy expertise and experience, we will work together for the implementation of the Strategy. We will strive to strengthen policy coherence for development and facilitate knowledge sharing.

We welcome the outcomes of the Busan High Level Forum on Aid Effectiveness, and support their implementation including the agreement to establish the Global Partnership for Effective Development Cooperation. We will strengthen our dialogue with various stakeholders, including emerging economies.

Global policy network

We note with satisfaction the Russian Federation’s completion of the WTO accession negotiation, its ratification of the OECD Anti-Bribery Convention and its joining of the Nuclear Energy Agency. We look forward to further progress in the accession process of the Russian Federation to the OECD in accordance with the 2007 roadmap. Strong engagement on specific issues including the environment, taxation, corporate governance and the business climate is essential.

We underscore our commitment to work with each of our Key Partners–Brazil, People’s Republic of China, India, Indonesia and South Africa–to develop new forms of partnership and collaboration. We will seek to further strengthen these relations, in a mutually beneficially manner, through such means as framework agreements, their further participation in committees, and enhancing communication.

We will continue to deepen our policy dialogue with other countries and regions based on mutual benefit and interest. We will work together with our partners through the OECD’s global policy network to collectively realise shared goals such as global sustainable growth. We look forward to the early conclusion of work to improve the rules on participation by partner countries in OECD activities and bodies. We welcome the recent adherence of many countries to OECD instruments. We welcome reforms in the MENA region and the OECD’s work to support these reforms, including the MENA-OECD Initiative on Governance and Investment for Development and through active participation in the Deauville Partnership.

We value the OECD’s contributions in global economic governance, including with regard to anti-corruption, taxation, investment and corporate social responsibility, the environment and sustainable development. We welcome the OECD’s active role in various fora including the G8 and G20 processes in those areas where it has comparative advantage, and its contributions to meet global challenges.

Efficiency, effectiveness and transparency

Noting the drive for economies in our respective domestic administrations we encourage the OECD to intensify efforts to improve efficiency, effectiveness and transparency and we welcome the OECD’s commitment to open data and its efforts to embody best management practices.


* Ministers and representatives of Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Russian Federation, the Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom, the United States and the European Union.

© OECD Observer No 292, Q3 2012

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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