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Jobs, Recovery and Entrepreneurship
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As the U.S. and world economies move from recession to recovery, governments will struggle to improve the transparency and functioning of existing institutions, and to create new structures to promote employment and renewed growth. Business must continue to engage with the evolving system of global governance, with the goal of keeping markets open and resisting economic isolationism.
New and Evolving Global Institutions
For many years, business has sought to advance a positive agenda for the G8 nations. In 2009, USCIB played a leading role in the G8 business summit in Italy, while with the International Chamber of Commerce we worked hard to put industry’s views front and center at the G20’s London summit, and later in preparation for the Pittsburgh summit. We also helped craft business views for intercessional G8 and G20 labor ministerials.
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While the G20 governments have pledged to revive global trade, reject protectionism, boost trade finance, and refrain from imposing new barriers trade and investment, past experience strongly suggests that business will need to fight hard to hold governments accountable and secure pro-growth policies. More broadly, an uncertain and evolving process of global governance will require close monitoring to help avoid duplication of effort or misallocation of resources.
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Global Jobs Pact
Around the world, enterprises of all sizes were negatively impacted by the economic crisis. At the International Labor Organization’s 2009 conference, governments, employers and trade unions adopted a Global Jobs Pact – the first truly global identification of labor and social measures to combat the crisis. Business applauded the move for laying out clearly the policy approaches needed to support job creation by the private sector.
The Global Jobs Pact directly meets the challenge laid down for the ILO by G20 governments at the London summit – supporting employment by stimulating growth, investing in education and training and implementing effective labor market policies, while also focusing on the most vulnerable.
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International Chamber of Commerce Chairman Victor Fung met with British Prime Minister Gordon Brown prior to the G20’s London summit.
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