Business says G20 action must match words to tackle trade crisis
The International Chamber of Commerce (ICC) has issued the following statement in reaction to the G20 Hangzhou Leaders’ Summit final communiqué.
ICC Secretary General John Danilovich said: “We’ve been adamant in recent months that G20 must do more to tackle the worrying slump in world trade. The Hangzhou Summit represents a major step forward in establishing a credible, action-oriented agenda to drive inclusive growth through trade.
“G20 leaders must now put words into action. There is often a divide between summit commitments and real-world policies when it comes to trade. With protectionism rising at an unprecedented rate there is no room for the G20 to fall short of its latest commitments to keep markets open.
“We commend the G20’s focus on strengthening the multilateral trading system. We believe that with the right global policies in place there is an opportunity to unleash a new era of “inclusive trade”: one in which all companies-regardless of size, sector or location-can benefit from equal access to international markets. A central focus must be on ensuring small businesses can access cost-effective finance and make full use of e-commerce opportunities.
“We agree with the G20’s analysis that the benefits of trade and open markets must be communicated to the wider public more effectively. It’s vital that business and governments work together to explain how and why trade matters for all.”