ICC has delivered
business priorities to G7, G8 and now G20 Summits since 1990, and beginning
with the Seoul Summit has partnered with host-country organizations to produce
business policy recommendations for consideration by the G20. This work is
conducted collaboratively between ICC, the World Economic Forum and principal
host-nation business associations so as to canvas broad business input into
the policy development process.
Among ICC’s top policy
priorities are trade and investment. ICC contends that especially at a time
when governments are struggling with excessive debt, multilateral trade
liberalization would create jobs and drive economic growth.
While a successful conclusion
of the Doha Round in its current form doesn’t seem likely, there are
alternative approaches to making progress on the multilateral trade agenda
that can spur growth, foster economic opportunities, and create much-needed
jobs. Therefore, ICC called on the G20 to lead efforts to create a
predictable and stable climate for global cross-border investment.
In its commitment to establish an ongoing policy dialogue between the G20
and global business ICC launched the ICC G20 Business Scorecard, a policy
tool designed to gauge the G20’s response to business recommendations. The
Scorecard was unveiled at a conference in Washington DC a week prior to the
summit with US G20 Sherpa Michael Froman. It marked G20 performance as
“incomplete” across the four policy areas evaluated: trade and investment,
green growth, transparency and anti-corruption, and financing for growth and
ICC upholds that the G20 will more effectively set
priorities, honor commitments, measure its own progress over time, and
identify issues that deserve greater attention, if it is better informed on
how its actions are interpreted by the business community. In parallel,
global business should work more closely with the G20 to promote economic
growth and job creation.
On trade and investment the Scorecard
gives the G20 a score of “incomplete”, based primarily on its failure to
help advance multilateral trade negotiations.
The delegation was led by Gerard Worms, ICC Chairman, who was joint
by Harold McGraw III, ICC Vice-Chairman and Chairman and CEO, The
McGraw-Hill Companies; Victor K Fung, ICC Honorary Chairman and Chairman, Li
& Fung Group; Marcus Wallenberg, ICC G20 CEO Advisory Group Chairman and
Other CEOs in the delegation included: Kris
Gopalkrishnan of Infosys, Eduardo Eurnekian of Corporacion America, Young
Tae Kim of Daesung, Kimball Chen of Energy Transportation Group, Pierre
Froidevaux of ICC Mexico, Paul Bulcke of Nestle, Antonio Brufau of Repsol,
Martin Senn of Zurich Insurance Group, and Steen Riisgaard of
The 2012 Los Cabos
Leaders Declaration was drafted at the end of the G20 Los Cabos Summit.
Recognizing the far-reaching impact of G20 decisions, leaders welcomed the
extensive outreach efforts undertaken by the Mexican presidency, including
meeting with the Business-20 and thanked the group and others for contributing
to the G20 agenda and its outcomes.
Key outcomes reported in
the Leaders Declaration include:
- G20 Leaders resolved to
promote growth and jobs, while recognizing the vulnerability of the global
economy and the challenges facing the global recovery including financial
marketing tensions, external fiscal and financial imbalances and their impact
on growth and employment.
- Leaders vowed to work collectively to
strengthen demand, restore confidence, support growth and foster financial
stability in order to create high quality jobs and opportunities by using the
Los Cabos Growth and Jobs Action Plan to achieve these goals.
- Special attention was given to the Euro Area, where
the G20 resolved to take necessary policy measures to safeguard the integrity
and stability of the area, improve the functioning of financial markets and
break the feedback loop between sovereigns and banks.
- The implementation of structural and regulatory reform
was stressed to enhance medium-term growth prospects and build more resilient
- Multilateralism was deemed the best asset to resolve
global economic difficulties.
- Leaders recognized the impact of the global economy
crisis on developing and low income countries. Policy actions set forth by the
G20 will improve living conditions across the globe by stabilizing global
markets and promoting stronger growth, by creating a more conducive environment
for development including supporting infrastructure investment.
G20’s expanding agenda increasingly bears upon core business goals for trade,
economic growth and job creation. It’s our responsibility to ensure that the
G20 takes into account global business priorities in their deliberations. As
the everyday practitioners of the global economy, we need to make sure that
the voice of world business is heard."
Worms, ICC Chairman
“Although the majority of issues tackled by the G20
are directly related to global business priorities, until the creation of G20
business summits, the G20 process had no formal means to solicit input from
business leaders on its agenda and work. The G20 Business Summit is therefore a
welcome opportunity and we are grateful to Mexican President Calderon for
reaching out to business.”
Jean-Guy Carrier, ICC Secretary
“The G20 should enhance capital markets so the
world has the liquidity it needs to meet massive demands in infrastructure and
corporate debt. The G20 should lead in protecting intellectual property
rights. The current trend of ‘free content’ through piracy is nothing more
than the digital age’s version of old-fashioned theft."
Harold McGraw III, ICC
“We call on G20 leaders to be attentive
to business’s messages and to learn from companies’ experience of the
practical consequences of regulation and policy decisions on the economy
and on jobs. Business is especially concerned with the trend toward
‘over-regulation’. The financing of the economy is being restricted by
higher bank funding costs, higher lending spreads and lower credit supply.
All this is happening at a time when the world economy is most in need of
Marcus Wallenburg, ICC G20 CEO Advisory
Group Chairman and SEB Chairman
purpose of the ICC G20 Scorecard is to generate a balanced and reliable
measurement of the G20’s performance in response to business recommendations
that have been put forward to G20 leaders. The Scorecard is a useful tool for
business to monitor the G20’s progress on the international trade and
investment policy agenda. If G20 leaders were to break the stalemate in WTO
negotiations or to make progress towards a multilateral framework for
investment, these advances would be reflected in a significantly higher
Carrier, ICC Secretary General
“The commitment and recommendations of the CEOs
gathered in Los Cabos compel a mechanism to pursue the dialogue on an ongoing
basis. ICC hopes that the G20 will recognize the value of creating a permanent
role for world business at future G20 summits and in the policymaking process
Gerard Worms, ICC Chairman