The Group of 20 (G20), with its mixed membership of advanced and emerging economies, has become a powerful force for shaping the rules of engagement for competing in global markets. Its agenda bears upon core business goals for trade, investment, economic growth and job creation and will increasingly shape intergovernmental policies that affect business internationally.
As the everyday practitioners in an increasingly integrated global economy—and leading creators of jobs—business has a clear stake in the success of the G20.
For these reasons, ICC has been deeply engaged in the work of the G20, and has endeavoured to represent the voice of international business in the deliberations of G20 leaders. ICC has also formed the ICC G20 CEO Advisory Group to intensify international business engagement at the highest levels.
To ensure that companies have an opportunity to be heard in the global policy discussions that ultimately affect their capacity to trade and invest across borders, ICC has been hosting a series of regional policy consultations. Beginning in Mexico City in June of 2011, these meetings have provided local businesses with an opportunity to help shape ICC’s policy recommendations for input into the G20 process on an on-going basis. These meetings have so far been held in half of the G20 countries, including Australia, China, Germany, India, Indonesia, Mexico, Saudi Arabia, South Africa, Turkey and the United States.
The success of these local hearings has led ICC to reach further into its extensive global network and engage a wider cross-section of the business community. Ultimately, ICC seeks to ensure that the voice of business—regardless of size, geographical region or sector—is heard by policymakers at the highest level.
To contribute to this objective, ICC has used a modern, Internet-based survey tool to garner the views and priorities of businesses across the globe.
The survey reveals several important findings on business’ views about the G20:
- Global business considers that the G20 is a relevant body for addressing global economic issues.
- The G20’s work can improve the environment for doing business, and business wants a greater involvement in the G20 process.
- Business believes that the G20 should be evaluated and held accountable for implementing business recommendations.
- Among the policy priorities, multilateral trade and investment and infrastructure, are the the most important issues for business worldwide, small and large companies alike.
- Business strongly believes that global trade can benefit from further multilateral liberalization, especially in the areas of services and information technology.
- International investment can be increased by finalizing a multilateral framework for investment.
- Energy sustainability and intellectual property (IP) protection are rising business priorities that should be promoted further in the G20 agenda.