G20 Rome summit ends with commitment to address multiple global challenges

The G20 Summit in Rome ended on Sunday with the adoption of a declaration reaffirming the crucial role of multilateralism and international cooperation in overcoming the global challenges arising from the COVID-19 pandemic.

The "G20 Rome Leaders' Declaration" pledges to strengthen the common response to the pandemic and pave the way for a global recovery, with particular concern for the most vulnerable.

The leaders of the world's major economies have pledged to use all available tools to address the consequences of the pandemic, sustain the recovery and remain vigilant to global challenges such as supply chain disruption.

Highlighting the essential role of vaccines in the fight against the pandemic, they vowed to advance efforts to ensure timely, equitable and universal access to safe, affordable, quality and effective vaccines, therapeutics and diagnostics, with particular regard to the needs of low- and middle-income countries.

"We will take steps to help boost the supply of vaccines and essential medical products and inputs in developing countries and remove relevant supply and financing constraints," the declaration read.

Regarding climate change, the leaders remain committed to the Paris Agreement goal to hold the global average temperature increase well below two degrees Celsius and to pursue efforts to limit it to 1.5 degrees Celsius above pre-industrial levels.

"This summit was a success," said Italy's Prime Minister Mario Draghi at the closing press conference, adding that cooperation is essential on issues like climate, wealth and poverty.

"The form of cooperation we know best is multilateralism," Draghi said, calling on G20 members to act swiftly together.

The G20 members account for almost two-thirds of the world's population, over 80 per cent of the global gross domestic product (GDP) and 75 percent of global trade.

The two-day summit was held both online and offline under the Italian Presidency of the G20. Indonesia will take over the rotating presidency from December 2021.