HAMBURG, July 8 (Sputnik) — Leaders of the G20 countries reaffirmed their commitment to strengthening mutual trade and welcomed the monitoring activities of the Organization for Economic Co-operation and Development (OECD), the World Trade Organization (WTO) and the United Nations Conference on Trade and Development (UNCTAD), the G20 Leaders' Declaration adopted at the summit in the German city of Hamburg on Saturday said.
"We value the monitoring activities by the WTO, UNCTAD and OECD within their existing mandates. We commit to further strengthen G20 trade and investment cooperation. We call on the OECD, WTO, World Bank Group and [the International Monetary Fund] IMF to continue their work to better understand trade impacts and report back to G20 Leaders in 2018," the declaration said.
The world leaders also pledged pledged to take steps to ensure that all their citizens would be "digitally connected" by 2025.
"Digital transformation is a driving force of global, innovative, inclusive and sustainable growth and can contribute to reducing inequality and achieving the goals of the 2030 Agenda for Sustainable Development… We will strive to ensure that all our citizens are digitally connected by 2025 and especially welcome infrastructure development in low-income countries in that regard," the document said.
Leaders of world's twenty largest economies also declared that they intend to complete the 15th review of International Monetary Fund's quotas by 2019.
"We look forward to the completion of the 15th General Review of IMF Quotas, including a new quota formula, by the Spring Meetings 2019 and no later than the Annual Meetings 2019, and support ongoing work to further enhance the effectiveness of its lending toolkit," the document read.
IMF quote determine the size of each state's contribution as well as its share of voted in the IMF.
Finally, the summit participants agreed that the 2018 G20 summit will take place in Argentina, the 2019 meeting will be held in Japan and the 2020 summit will be hosted by Saudi Arabia.
