The 2023 edition of the official G20 dialogue forum with the global business community took place in New Delhi from 25-27 August.
The Business 20 (B20) summit hosted by India, was under the theme of ‘RAISE’, an acronym for Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses.
ICC Secretary General John W.H. Denton AO took part in the panel “Balancing Growth and Inclusivity” to discuss strategies for sustained and inclusive economic growth with a focus on empowering entreprises.
“We don’t see trade being balanced with growth or inclusion. We must realise that trade is an important driver for decreasing inequality and increasing inclusivity and it is an integral vector that holds critical importance.”
John W.H. Denton AO, ICC Secretary General
Here are our key takeways from the summit:
Trade still matters to the global economy
Particularly to those at the bottom of the pyramid. G20 governments must prioritise measures that maximise trade’s potential to generate prosperity and opportunity for everyone.
The resurgence of protectionism in the global economy has restricted opportunities for businesses and families to benefit from global commerce.
It’s time for the G20 to address the challenge faced by small businesses in accessing trade finance, particularly in emerging markets. This requires conducting a thorough examination of how global macro-prudential regulation standards affect the availability of trade credit for the businesses that need it the most.
G20 leaders should provide a new surveillance mandate to the WTO to report annually on trade restrictions. This would include shedding light on the emerging, “murky’’ forms of protectionism that impede business expansion and job opportunities.
Multilateral solutions to global challenges
Ahead of the upcoming G20 leaders summit in New Delhi, global business is calling for time-sensitive deliverables:
- A pledge from heads of state and government to pursue significant reform of the WTO at its upcoming ministerial conference.
- A commitment in support of achieving global net-zero emissions by 2050 and ensuring that COP28 works to accelerate the action and finance needed to deliver the Paris agreement.
- A clear endorsement for reaching a multilateral agreement to modernise the global tax system, with the OECD as the guiding body.
- A roadmap for tackling the debt and liquidity crisis faced by a growing number of emerging markets.
For more on ICC at the B20, watch this interview with John W.H. Denton AO discussing the outlook for global trade :
