We recognize that strengthening capacity of developing countries in tax policy and administration is indispensable to level the global playing field. To enhance both quantity and quality of assistances in this area, we are committed to the principles of the Addis Tax Initiative along with encouraging other countries to make a similar commitment, and we request that the Platform for Collaboration on Tax be actively utilized to provide an opportunity where developing and developed countries and relevant organizations can share information and knowledge on a regular basis. Improving the transparency of the beneficial ownership of legal persons and legal arrangements is vital to prevent misuse of these entities and arrangements for corruption, tax evasion, terrorist financing and money laundering. We commit to the implementation of the international standards on transparency, and call on all jurisdictions to do so. In this respect, we look forward to the initial proposals of the Financial Action Task Force and the Global Forum on Transparency and Exchange of Information for Tax Purposes on ways to improve the implementation of the international standards, including on the availability of beneficial ownership information and its international exchange, to be presented by the October meeting of G20 Finance Ministers and Central Bank Governors. Trade Trade and investment are key drivers of growth, the prosperity of our people and the achievement of sustainable development worldwide. It enables us to access a broad range of goods and services, enhances competitiveness thereby inviting investment and leads to job creation and improved living standards. We continue to strive for better application of internationally recognized labor, social and environmental standards in global supply chains. We are committed to using trade to create economic opportunities for workers, consumers and firms. In such a highly interconnected global economy, protectionism only delivers negative consequences. We reaffirm our commitment to keep our markets open and to fight all forms of protectionism including through standstill and rollback. We remain committed to reducing barriers to trade and investment and to improving competitiveness by liberalizing our economies. We recognize the importance of ensuring a level playing field in all areas including officially supported export credit and in this regard, we reiterate our support for the International Working Group to develop guidelines for publicly supported export finance and encourage all participating parties to press for substantive progress through active engagement. We recognize the negative impact of global excess capacity across industrial sectors, especially steel, on our economies, trade and workers. In particular, we are concerned about subsidies and other support by governments and government-supported institutions that distort the market and contribute to global excess capacity, including such supports granted to overseas expansion of the 7