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Business Groups seek new commitments from G20 leaders to kickstart global economy

Antalya(PTI): A Group of leading CEOs on Sunday sought new commitments from the G20 leadership with a view to kick-starting the global economy in the backdrop of sluggish GDP growth and falling trade.

G 20
Leaders of the Group of 20 major economies observe a minutes silence in memory of the Paris attacks before a working session at the G20 summit in Turkey.

In their meeting with the global leaders, a delegation of B20 pitched for expeditious implementing of the WTO’s Trade Facilitation Agreement (TFA) which could boost global trade flows by an unprecedented $3 trillion and roll back of protectionist trade policies.

A delegation of CEOs, in their meeting with the heads of government on Sunday at the outset of G20 Summit also made a case for roll back of protectionist trade policies, especially non-tariff barriers starting with localisation barriers to trade.

“The CEO group, drawn from across the G20 economies, appealed for new commitments to kick-start the global economy for the benefit of all against a backdrop of sluggish GDP growth and falling trade flows,” said a statement.

The business leaders called for action to support trade, investment, and employment and SME growth drawing on a series of recommendations developed by the global business community.

The business group also called for concrete action to increase youth and women participation in the labour force including by developing national skills strategies, ramping up counselling programmes, on-the-job training, apprenticeships, and placement-service programmes.

Their suggestions included establishing country-specific infrastructure strategies to boost investment in much-needed infrastructure projects worldwide and improvement in SME access to finance to unlock the potential of the small businesses to contribute to global growth and employment.

They also wanted strengthening of institutional mechanisms for financial regulatory cooperation between regulators and all key public and private-sector stakeholders.

Founder and Chairman of Bharti Enterprises Sunil Bharti Mittal said: “Today marked the sixth consecutive meeting of international CEOs and G20 heads of government. The objective of our direct dialogue is to provide substantive commercial guidance to G20 leaders in the laudable efforts to support growth, jobs and opportunity for all.”

Coca-Cola Company Chairman and CEO Muhtar Kent said that global economic growth and job creation is the top most priority for businesses, governments and civil society institutions, and this can only be accomplished through rigorous cooperation and accountability among these three prongs of the Golden Triangle.

“To this end, in 2015, we have provided robust recommendations to G20 governments that will jump start growth through policy reforms in trade, employment, SMEs and infrastructure. We ve also increased the dialogue among G20 governments and business representatives so that policy reforms unlock new investment and allow us to rise above the status quo and deliver increased economic opportunity for women, young people and families around the world,” said the B20 statement quoting Kent.

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