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Setting the foundations for economic stability

By EnriquePena Nieto
President of Mexico

Since 2008, the Group of 20 has been instrumental in placing the world economy on the track of recovery. As financial markets and economic growth regained steam, the G20 gradually evolved to an efficient coordination mechanism to prevent another meltdown. Now, its agenda encompasses a much broader range of issues, as trade, employment, energy efficiency, ameliorating climate change effects, and ensuring food security.

With a GDP of 1.2 trillion US dollars, Mexico –world’s14theconomy–is a globally responsible actor. We firmly believe in the efficacy of the G20 to continue delivering positive changes in benefit of the world.
Mexico embraces the Turkish Presidency’s prioritieson implementation, investment and inclusion. In accordance with the G20 commitments, my country approved ambitious structural reforms–aimed at harnessing itseconomic potential– and is implementing a National Infrastructure Program.

The reforms create the conditions for a more productive labor market with higher participation of women and youth; a simplified tax system that fomentscompliance; and an improved business environment that boostscompetitiveness and helps small enterprises to thrive.

They also introduce comprehensive measures to update our financial system, raising credit supply and lowering its rates;and foster competition in two strategic sectors: telecommunication and energy.Finally, these reformspromote investment in human capital and improve the quality of teaching.

With thehistorical investment projected on the National Infrastructure Program, Mexico is improving its connectivity, by creating new highways, extending the railways, increasing the capacity of seaports and developing airports, including a new one for Mexico City.

By implementing structural transformations and investing in cutting edge infrastructure, Mexico is rising its competiveness and productivity, with the purpose of becoming a more prosperous and inclusive economy.
This has been a difficult year for the world, marked by low oil prices, economic downturn in emerging markets, sovereign debt problems in the Euro Zone and international financial anxiety. In this scenario, the G20’s mandate to improve global economic governance and contribute to a strong, balanced and inclusive economic growth, becomes more relevant than ever.

As Leaders of the G20, we bear a responsibility to set forward the necessary political will to accelerate growth and create better living conditions for our people. Together, we can make the necessary contributions to complete this elevated endeavor.

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