CANNES, France (MNI) – The following is the G20 Communique issued
Friday:

17. We urge all jurisdictions to adhere to the international
standards in the tax, prudential and AML/CFT areas. We stand ready to
use our existing countermeasures if needed. In the tax area, we welcome
the progress made and we urge all the jurisdictions to take the
necessary actions to tackle the deficiencies identified in the course of
the reviews by the Global Forum, in particular the 11 jurisdictions
identified by the Global Forum whose framework has failed to qualify. We
underline the importance of comprehensive tax information exchange and
encourage work in the Global Forum to define the means to improve it. We
welcome the commitment made by all of us to sign the Multilateral
Convention on Mutual Administrative Assistance in Tax Matters and
strongly encourage other jurisdictions to join this Convention.

Addressing commodity price volatility and promoting agriculture

18. As part of our financial regulation agenda, we endorse the
IOSCO recommendations to improve regulation and supervision of commodity
derivatives markets. We agree that market regulators should be granted
effective intervention powers to prevent market abuses. In particular,
market regulators should have and use formal position management powers,
among other powers of intervention, including the power to set ex-ante
position limits, as appropriate.

19. Promoting agricultural production is key to feed the world
population. To that end, we decide to act in the framework of the Action
Plan on Food Price Volatility and Agriculture agreed by our Ministers of
Agriculture in June 2011. In particular, we decide to invest in and
support research and development of agriculture productivity. We have
launched the “Agricultural Market Information System” (AMIS) to
reinforce transparency on agricultural products’ markets. To improve
food security, we commit to develop appropriate risk-management
instruments and humanitarian emergency tools. We decide that food
purchased for non-commercial humanitarian purposes by the World Food
Program will not be subject to export restrictions or extraordinary
taxes. We welcome the creation of a “Rapid Response Forum”, to improve
the international community’s capacity to coordinate policies and
develop common responses in time of market crises.

Improving energy markets and pursuing the Fight against Climate
Change

20. We are determined to enhance the functioning and transparency
of energy markets. We commit to improve the timeliness, completeness and
reliability of the JODI-oil database and to work on the JODI-gas
database along the same principles. We call for continued dialogue
annually between producers and consumers on short medium and long-term
outlook and forecasts for oil, gas and coal. We ask relevant
organizations to make recommendations on the functioning and oversight
of price reporting agencies. We reaffirm our commitment to rationalise
and phase-out over the medium term inefficient fossil fuel subsidies
that encourage wasteful consumption, while providing targeted support
for the poorest.

21. We are committed to the success of the upcoming Durban
Conference on Climate Change and support South Africa as the incoming
President of the Conference. We call for the implementation of the
Cancun agreements and further progress in all areas of negotiation,
including the operationalization of the Green Climate Fund, as part of a
balanced outcome in Durban. We discussed the IFIs report on climate
finance and asked our Finance Ministers to continue work in this field,
taking into account the objectives, provisions and principles of the
UNFCCC.

Avoiding protectionism and strengthening the multilateral trading
system

22. At this critical time for the global economy, it is important
to underscore the merits of the multilateral trading system as a way to
avoid protectionism and not turn inward. We reaffirm our standstill
commitments until the end of 2013, as agreed in Toronto, commit to roll
back any new protectionist measure that may have risen, including new
export restrictions and WTO-inconsistent measures to stimulate exports
and ask the WTO, OECD and UNCTAD to continue monitoring the situation
and to report publicly on a semi-annual basis.

23. We stand by the Doha Development Agenda (DDA) mandate. However,
it is clear that we will not complete the DDA if we continue to conduct
negotiations as we have in the past. We recognize the progress achieved
so far. To contribute to confidence, we need to pursue in 2012 fresh,
credible approaches to furthering negotiations, including the issues of
concern for Least Developed Countries and, where they can bear fruit,
the remaining elements of the DDA mandate. We direct our Ministers to
work on such approaches at the upcoming Ministerial meeting in Geneva
and also to engage into discussions on challenges and opportunities to
the multilateral trading system in a globalised economy and to report
back by the Mexico Summit.

24. Furthermore, as a contribution to a more effective, rules-based
trading system, we support a strengthening of the WTO, which should play
a more active role in improving transparency on trade relations and
policies and enhancing the functioning of the dispute settlement
mechanism.

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