G8 Summit 2007 Chair's Summary

Hampton Roads International Security Quarterly, October 15, 2007 | Go to article overview

G8 Summit 2007 Chair's Summary


I. Growth and Responsibility in the World Economy

We met at Heiligendamm to address key challenges of the world economy, climate change and Africa. Under the core theme of the German G8 Presidency "Growth and Responsibility" we addressed economic, social and environmental aspects of the political shaping of globalization. In particular, we addressed the role of major emerging economies in the world today. We agreed on the benefits of a closer cooperation.

Heiligendamm Process: We discussed global challenges with the Leaders of Brazil, China, India, Mexico, and South Africa. We acknowledged our respective responsibilities and the need to develop common solutions. We therefore agreed to launch a new topic-driven dialogue on key world economic issues with the aim of reaching concrete results until the G8 Summit in Italy 2009. The topics of this dialogue include issues relating to the freedom of investment and investment conditions, including corporate social responsibility; the promotion and protection of innovation; energy efficiency and technology cooperation; and development policy. The road map of this process is described by a joint declaration of the G8 Presidency and Brazil, China, India, Mexico and South Africa.

G8 Agenda for Global Growth and Stability: We noted that the world economy is in good condition and growth is more evenly distributed across regions. In this context, we committed ourselves to a G8 Agenda for Global Growth and Stability with the aim of pursuing our strategies to promote a smooth adjustment of global imbalances which should take place in the context of sustained and robust global economic growth. These strategies include sound macroeconomic policies in our countries and structural reforms. They also include a clear signal to emerging economies concerning their necessary contribution.

Systemic Stability and Transparency of Financial Markets/Hedge Funds: We also discussed the situation on financial markets and, in particular, issues related to hedge funds. While noting the positive contribution of hedge funds to financial-market stability we also want to minimize systemic risks by increasing transparency and market discipline on the part of all parties involved. We welcomed the Financial Stability Forum's (FSF) work, support its recommendations and look forward to its report to finance ministers as from October this year.

Freedom of Investment, Investment Environment, and Social Responsibility: We concluded our discussion on investment with a strong commitment to the freedom of open and transparent investment. The G8 benefit considerably from cross-border investment, as do emerging economies. We agreed to work together in the Heiligendamm Process to foster open and more favorable investment conditions in our respective countries. We will increase our efforts toward helping investment be more beneficial and sustainable. In the context of investment we also discussed social responsibility issues. Open markets need social inclusion. We therefore agreed on the active promotion of social standards, of corporate social responsibility, and on the need to strengthen social security systems in emerging economies and developing countries.

Promoting Innovation Protecting Innovation: Innovation is one of the crucial drivers of economic growth in our countries. We therefore agreed to take action to promote innovation as well as research and development. At the same time, innovation needs to be protected worldwide. Intellectual Property Rights (IPRs) are a critical precondition for innovation. The protection of IPRs is of core interest for consumers in all countries, particularly in developing countries. We therefore agreed, together with the leaders from emerging economies, to address these issues as a part of the Heiligendamm Process. As G8, we decided to increase our cooperation in the field of intellectual property protection especially regarding our customs and law enforcement administrations. …

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