The B20 business coalition has welcomed G20 commitments to implement an ambitious structural reform agenda which will lift global GDP by more than two per cent above expectations over the next five years and create millions of new jobs.
Richard Goyder, B20 chair, said the international business community welcomed commitments made by G20 leaders in the communiqué and Brisbane Action Plan on infrastructure, human capital, financial regulation, trade and anti-corruption.
During the G20 leaders summit in Brisbane, Australia this past weekend, Terry McGraw, chair of USCIB and the International Chamber of Commerce (ICC), joined a small group of business leaders in meetings with the G20 leaders and other senior ministers to discuss the B20 recommendations.
The G20 leaders released a final communiqué which includes several items that the B20 has actively supported. The B20 issued a media release commenting on the communiqué that highlights several key elements form the leaders statement:
- B20 fully supports the G20 Global Infrastructure Initiative, a multi-year work program to lift quality public and private infrastructure investment, particularly the establishment of the Global Infrastructure Hub.
- On trade, B20 welcomed the G20’s commitment to build a stronger trading system based on a robust and effective World Trade Organization. Accelerating commitments on trade facilitation was a core recommendation of the B20 this year, so the recent breakthrough on implementation was welcome.
- Improvements to global supply chains and the reforms outlined in individual country growth strategies to facilitate trade by lowering costs, streamlining customs procedures, reducing regulatory burdens and strengthening trade-enabling services will benefit society broadly.
- B20 was encouraged by the G20’s commitment to improve transparency in the public and private sectors as corruption is a major obstacle to sustainable economic, political and social development.
The three legs of USCIB’s global network – ICC, the International Organization of Employers and the Business and Industry Advisory Committee to the OECD – all contribute to the B20 process, which provides global business leaders with a forum for producing policy recommendations to be delivered at the annual G20 meeting, reflecting the key role the private sector plays as a driver of strong, sustainable growth.