Priorities – financing of investment, facilitation of trade and market access and removal of barriers to business activity
At a meeting in Paris in January 2014 B20 Coalition (now known as the Global Business Coalition) called on G20 leaders to prioritise financing of investment, facilitation of trade and market access and removal of barriers to business activity
Presidents and CEOs of leading independent business associations from G20 economies met in Paris from January 20 to 21, 2014, to discuss the way forward for the global business community in 2014.
The B20 Coalition, founded in 2012 by these associations, is a group with a shared mission to address G20 policy-makers on behalf of more than 6.5 million businesses of all sizes and from all sectors.
At the conclusion of their meeting they released the B20 Coalition’s first Global Business Outlook.
“The global economic recovery, although modest and uneven, has become more entrenched, and the private sector has a central role to play in fostering and sustaining growth and in restoring competitiveness,” said President Perrin Beatty as spokesperson of the B20 Coalition.
The B20 Coalition’s 2014 Global Business Outlook assesses worldwide economic trends, highlights threats to financial recovery, and identifies new drivers for growth, such as a burgeoning consumer class, an improved trade facilitation framework post-Bali and the potential benefits of the digital economy.
“The G20 will be dealing with an uncertain and challenging environment over the coming year. In the face of moderate growth, advanced economies need to boost investment and trade to lift demand, employment and productivity, and continue financial sector repair while restoring fiscal sustainability over the medium to longer term. Emerging market economies face the challenges of slowing growth, tighter global financial conditions, and the need for significantly increased levels of high-quality investment,” commented, President Perrin Beatty.
As the G20/B20 Presidency for 2014, Australia has identified jobs and growth as the priorities. B20 Australia has highlighted financing growth, human capital, infrastructure & investment, and trade as the key drivers of growth.
At their meeting, the B20 Coalition members endorsed these priorities. They confirmed their intention to contribute actively to the B20 Australia discussions. The B20 Coalition works on co-ordinated contributions in the areas of trade and infrastructure to strengthen its members’ voice in the G20/B20 process.
The private sector is determined to work with governments and other stakeholders in helping build resilience in the world economy. The B20 Coalition calls on the G20 governments to assist the private sector’s efforts, not only through budgetary discipline and redirection of spending towards investment, but also by removing barriers to business activity and improving international coordination in key areas such as digital security and tax policy. To increase productivity and promote growth, governments must prioritize initiatives to improve competitiveness and have clear goals and mechanisms to monitor the results.
“By providing a unique link between governments, relevant international institutions and business communities in the world’s most important economies, the Coalition is instrumental in supporting the G20/B20 process, particularly when it comes to the role that the business community can play,’’ added B20 Coalition President Beatty.
To download the Position Paper – click here