G20 aims to lift global economic growthUpdated: 2014-02-24 06:29:15 (KST)
Financial leaders of the world's 20 largest economies on Sunday vowed to take "concrete actions" to boost global growth, by increasing investment and employment.
The vision was agreed upon at the Group of 20 meeting in Sydney during the weekend.
A communique said the countries would "develop ambitious but realistic policies" that would stimulate job creation.
The finance chiefs and central bankers embraced a goal of boosting the gross domestic product of the countries by at least two percent above the current expected levels, over the next five years.
This translates into generating two trillion U.S. dollars in economic activity, which in turn is expected to create tens of millions of new jobs.
Another agenda high on the list was the need for tighter regulations on cross-border taxation.
The officials agreed to intensify cooperation to tackle offshore tax evasion, and drafted a series of standards for sharing information across borders.
Starting next year, an automatic exchange of banking information will take effect among the G20 members.
Australian Treasurer Joe Hockey -- the host of the meeting -- said the new standards would enhance transparency and reduce tax evasion opportunities.
Another key concern at the meeting was the shock being felt by emerging economies from the U.S. Federal Reserve's tapering of its stimulus program, leading to a capital flight from vulnerable economies.
The communique said all central banks "maintain their commitment that monetary policy settings will continue to be carefully calibrated and clearly communicated."
The officials also called for better communication and more transparency on policies that affect international markets.
Each country will now bring their own detailed growth strategy to the G20 Brisbane summit in November.
The G20, which accounts for 85 percent of the global economy, consists of major economies, such as the U.S., as well as emerging economies, including China and India.
Kim Min-ji, Arirang News.