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  • Ksenia Yudaeva, Sergey Storchak present key topics for Summit’s day two

Ksenia Yudaeva, Sergey Storchak present key topics for Summit’s day two

Ksenia Yudaeva, Chief of the Presidential Experts' Directorate and the Russian G20 Sherpa, and Sergey Storchak, Deputy Finance Minister of the Russian Federation, have outlined the agenda for today.

On September 6, the Leaders will meet with representatives of the business communities and trade unions participating in the G20.

The next session will focus on investments and job creation and may also cover energy issues.

"We have already discussed unemployment and the need to create more jobs at the first session yesterday. Several states mentioned how serious this problem is for them. We agreed that it is necessary to develop country-specific action plans regarding job creation. We expect to continue the discussion today," Ksenia Yudaeva said.

Russia's Sherpa stressed the importance of investments and said, "On behalf of our leaders, we rely on a productive discussion of such issues as stimulating private investment and investments in infrastructure projects."

In addition, the leaders are going to discuss international trade. Support for the ministerial conference in Bali in December 2013 is the first issue on the agenda.

"All the member states agree that the conference is essentially important for maintaining the trust for the WTO as an environment for negotiations and the main organization dealing with global trade," Ksenia Yudaeva said.

The first day of the Summit saw heated debates over protectionism in trade, Russia's Sherpa said.

"We succeeded in extending the non-implementation of protectionist measures until 2016 and we expect the leaders to support this decision."

Finally, the session participants will discuss the progress of OECD, WTO and UNCTAD (the United Nations Conference on Trade and Development) in developing a new trade database containing the global value chains. "The entire structure of global trade has changed in the past decade. We can now speak about value chain based trade rather than only finished product trade between the countries. However, until recently, there has been no accurate statistics in this area," Ksenia Yudaeva explained.

In turn, Deputy Finance Minister of the Russian Federation Sergey Storchak was particularly pleased that the second day of the Summit would also address the search for new sources of investment funding.

"When Russia proposed this issue for the agenda of its Presidency, our partners were surprised and puzzled," he said. "We all know that the investments have three sources of funding, including budgets, bond and stock markets and banks. What else could there be? However, the result exceeded our expectations."

The issue of investment sources is closely linked with other priorities of Russia's Presidency. "Investments are vital for production while production is vital for job creation and trade," Sergey Storchak said.

The Deputy Finance Minister continued to speak about the establishment of the BRICS Development Bank and a pool of reserve currencies.

"Regarding the bank and the reserve currency pool, the existing agreements imply that the finance ministries are to form the BRICS Bank funds that would come from the budget and taxpayers' money," he said and added that the pool would be created for prompt response to sharp fluctuations in currency markets.

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