The Singapore Business Federation (SBF), as the apex business chamber, participated in the B20 to represent the views of our business community, alongside with our Singapore government’s participation in G20 as a guest country.

1. 2017 G20 Leaders’ Declaration:The Heads of State of the world’s 20 major economies (G20) held their 2017 Summit, themed “Shaping an Interconnected World”, in Hamburg, Germany on 7-8 July 2017. The Summit focused on addressing major global economic challenges brought upon by growing protectionism globally through the following:

  • Building on an open, transparent, inclusive and rules-based global trading system; and
  • Enabling people to leverage on the benefits of digitalization by promoting digital literacy and digital skills education and life-long learning.

2. 2017 B20 Policy Recommendations:The contents of the aforesaid Declaration are aligned with the Business 20’s policy recommendations submitted prior to the G20 Summit for consideration. B20 is the platform by which the global business community provides joint recommendations and advocates specific policy actions to the G20 leaders.

3. For this year, Mr Ho Meng Kit, CEO of SBF, partook in the crafting of B20’s trade and investment policy recommendations to the G20 Summit 2017. Ms Janet Ang, Council Member of SBF, and Vice President of IBM Asia Pacific (Industry Solutions, Systems of Engagement and Smarter Cities), also actively participated in the development of policy recommendations on the topic of digitalization to the G20 leaders, ensuring that the interests of Singapore businesses were considered. Both topics were the key highlights of the G20 Summit 2017.

4. ICC’s Response to the G20 Leaders’ Declaration and Open Markets Index (4th edition). On 9 July 2017, the International Chambers of Commerce (ICC) issued a response to the aforesaid Declaration, commending and welcoming G20’s decision to focus on strengthening the multilateral trading system, as well as maximising the potential of digitalization and e-commerce as a force for inclusive growth.

5. In addition, the ICC released the 4th edition of its Open Markets Index, a report that scores 75 countries in terms of their degree of openness to trade, on the occasion of the G20 Summit 2017. Singapore, Luxembourg and Hong Kong SAR head the 2017 rankings for the fourth successive edition of the report, far outstripping major economies such as the United States in terms of trade openness.

To read the ICC Open Markets Index 2017 – click here

Source: SBF

Image: Fotosearch