G20 leaders
will “spare no effort” to ensure that the coronavirus vaccine is distributed
equitably across the world and support debt-laden poor nations, AFP reported on
Sunday citing a draft communique.

While the
leaders also voiced support for “multilateral” trade and a unified global fight
against climate change, the document did not throw light on any details on the many
key issues dominating the virtual summit.

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The two-day
summit comes amid ramped-up efforts worldwide to roll out a coronavirus vaccine
after a number of recent breakthroughs in the trial stages, with the EU and other
leaders calling for G20 nations to make up for a $4.5 shortage in funding.

“We have
mobilised resources to address the immediate financing needs in global health
to support the research, development, manufacturing and distribution of safe
and effective Covid-19 diagnostics, therapeutics and vaccines,” the document
said.

“We will
spare no effort to ensure their affordable and equitable access for all people,
consistent with members’ commitments to incentivise innovation.”

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There was
no mention, however, of how the effort will be funded. The final version of the
document is slated for release on Sunday by the Saudi hosts, which could be
different from the draft version.

French
President Emmanuel Macron on Saturday said that the coronavirus pandemic was “a
test for the G20”, underscoring that there “will be no effective response to
the pandemic unless it is a global response”.

The
organisers of the summit said that the G20 nations have invested over $21
billion to combat the virus, which has infected over 56 million people
worldwide, claiming 1.3 million lives, and have kept $11 trillion to “safeguard”
world economies devastated by the pandemic.

However, G20
leaders are under increasing pressure to help developing nations stave off
possible credit defaults.

G20 nations
have extended a debt service suspension initiative (DSSI) for developing
countries until June, 2021, but UN Secretary-General Antonio Guterres has
called for it to be extended until the end of next year.

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The communique
did not confirm any commitment towards that initiative. G20 finance ministers
will examine the recommendation when the IMF and World Bank meet next spring
“if the economic and financial situation requires” an extension by
another six months, it said.

On trade,
the club of the world’s richest nations also emphasised that supporting a
multilateral system “is now as important as ever”.

“We
strive to realise the goal of a free, fair, inclusive, non-discriminatory,
transparent, predictable, and stable trade and investment environment, and to
keep our markets open,” the communique said.

Ahead of
the summit, European Commission President Ursula von der Leyen said she hoped
the US will adopt a more multilateralist stance under the incoming
administration of Joe Biden.

US
President Donald Trump’s robust “America first” trade policy has
rankled world leaders.

Von der
Leyen also added that she expected consensus and a “new momentum from the
new US administration” on climate change, and a reversal of Trump’s
withdrawal from the Paris climate accord.

Differences
within the G20 group surfaced at last year’s summit in the Japanese city of
Osaka as the United States demanded the insertion of a separate paragraph on
issues such as environmental protection.

But under
the Saudi chairmanship, G20 leaders projected a unified stance, with the draft
communique reiterating support for tackling “pressing” environmental
challenges.