Business to add real economy perspective to G20 deliberations
The B20 leads engagement with the G20 on behalf of the international business community. It brings together international and domestic business groups, multinationals, regional and domestic businesses to develop practical recommendations to help guide G20 commitments from year to year.17 July 2014
Meeting in Sydney today, B20 Australia Chair, Mr Richard Goyder AO, said the B20 had been focused this year on developing practical solutions to help accelerate global economic growth and create more jobs.
“Structural reforms are needed across all markets to boost employment and prospects for diversified and sustained growth,” Mr Goyder said. “We need policies that increase the private sector’s capacity for investment, boost international trade, create jobs and drive greater efficiency across all sectors.”
More than 300 senior business leaders from over 30 countries have been meeting since the end of last year to develop a set of policy responses to these global challenges.
“Taskforces established around four priority areas, financing growth, human capital, infrastructure & investment and trade, have identified the most substantial impediments to growth and job creation and developed a set of draft policy solutions for G20 leaders.
“The B20 Australia Summit will give us the opportunity to finalise B20 recommendations ahead of the November G20 Leaders Summit in Brisbane.
— Holly Ransom (@HollyRansom) July 17, 2014
“We have been committed to running a transparent and inclusive process and have undertaken an active collaboration and communication program with the international business community to ensure that proposals are relevant and can be implemented in different economies,” Mr Goyder said.
The B20 will recommend that G20 governments agree to include actions in their individual country growth strategies, collectively known as the Brisbane Action Plan, under four themes:
1. Structural flexibility
2. Free movement across borders
3. Consistent and effective regulation
4. Integrity and credibility in commerce
“We will ask G20 leaders to concentrate on structural reforms that will remove barriers and impediments to growth,” Mr Goyder said.
“The B20 strongly believes that private sector activity and investment is a prerequisite for sustained and inclusive growth. A commitment by G20 countries to enact the B20 recommendations will create the right conditions for investment, leading to global job creation and higher standards of living.”
The B20 will outline its final policy recommendations to G20 leaders in a media conference on Friday 18 July at 12:45pm.
Recent evaluations by the OECD, IMF and World Bank have highlighted the significance of the global
growth problem and have focussed their commentaries on the need for in-country structural reform in
the medium term.
“The decision to establish a two per cent growth target earlier this year was highly appropriate and
relevant in the current context. The next step is to develop the policy settings that produce these
outcomes,” Mr Goyder said.
If adopted by the G20 these recommendations will boost Global investment leading to more cross border structuring work for Jersey, The B20 provides an opportunity to demonstrate that Jersey is a leader in cross border investment, and in transparency measures such as the efficient capture of beneficial ownership information and fighting financial crime.