Participants were invited
to share views and priorities on a set of policy papers that are being produced
for transmission to G20 leaders. Topics included: trade, investment and
development; strengthening financial regulation; fighting corruption; reforming
the international monetary system; reducing commodity price volatility and
encouraging green growth.
In addition, and given the recent
challenges to the global economy, participants were also invited to contribute
views on current conditions, with the aim of helping to frame business input to
the G20 on how to stimulate jobs and growth in light of the ongoing economic
brought together over 20 business leaders and policy experts from nine European
countries, predominately non-G20 members, in order to give business experts
from these countries an opportunity to contribute to the development of ICC
policy input for the G20’s work.
Key participants included:
Jean Guy-Carrier, ICC Secretary General; Andreas Schmid, Chairman of ICC
Switzerland and Manfred Gentz, Chairman of Zurich Financial.
The broader macro-economic context in which the Cannes G20 Summit on
3-4 November would take place and concerns over the state of the world economy
and its impact on growth and jobs also featured prominently in the discussion.
Four main messages came out of the consultation and are summarized below.
- Business expects the G20 to restore confidence in the world economy and
stabilize the global economic situation as it did in 2009.
- The G20 should restart multilateral trade negotiations, which have been
in a longstanding deadlock for the first time in 60 years. Revitalizing world
trade is one of the most effective and debt-free ways of injecting growth in
the world economy. Business fully expects that the G20 will adhere strictly to
its pledge to resist protectionist pressures, both collectively and at the
level of individual G20 countries.
- The G20 should seek to
empower business to create growth and jobs and reduce uncertainty and
volatility to encourage business investment.
proposals for the G20 should draw from other relevant areas of ICC work such as
taxation, relating to recurrent proposals from G20 countries on these subjects.
This would require a prospective view of G20 issues on the horizon.
The meeting participants in Zurich discussed the need for business
investment and for dealing with the sovereign debt crisis in Europe and the
United States, as well as the need to boost domestic demand in emerging
economies and to reduce global economic imbalances. Participants agreed it is
crucial that the G20 take decisive action in order to restore confidence in the
discussion centered on setting out a plan for business to work alongside
governments as politicians face tough choices over how to boost economic growth
and job creation. Business does in fact have large amounts of investment
capital at the ready, but it remains undecided as to whether, when, and how to
invest it in a climate of so much uncertainty.”
Jean-Guy Carrier, ICC Secretary General
"In today’s interconnected, global economy, it’s
critical to have input from different parts of the world. Enduring measures to
stabilize the economy are still lacking in the aftermath of the financial
crisis in 2008.”
Schmid, Chairman of ICC Switzerland
G20 countries need to avoid short-term protectionist measures. The world needs
leadership and collective action that will stimulate trade and investment,
peace and prosperity.”
Gentz, Chairman of Zurich Financial
will play a key role in tackling the jobs crisis. Economic growth depends
largely on the capacity of G20 governments to improve the conditions for
international trade. Despite commitments to reverse protectionism, we’ve seen
that protectionist measures are actually growing within the G20. This trend
must be reversed and more needs to be done to dispel the myths that trade
results in job losses. Trade is a dynamic process that contributes to job
Jean-Guy Carrier, ICC
“The business community is the engine that drives
growth and creates jobs, so we believe that a business-government task force
would benefit from our contributions. This effort should focus on setting out
some demand side measures to create jobs.”
Carrier, ICC Secretary General