Sydney G20 Business Summit
The ICC G20 CEO Advisory Group met in Sydney for the Business-20 or (B20) Summit from 16-18 July 2014. The Summit provided an opportunity for the business community to share with Australian Prime Minister Tony Abbott business policy recommendations that are expected to be incorporated into the G20 process leading up to the Brisbane Leaders Summit in November.
B20 participants were received with a welcome reception hosted by B20 Australia Chair Richard Goyder and Australian Federal Minister for Small Business Bruce Billson.
B20 taskforce sessions
B20 taskforce sessions were held on 17 July. Trade Taskforce Chair Andrew Mackenzie, CEO of BHP Billiton, and Taskforce co-Chairs Terry McGraw, ICC Chairman, and Yu Ping, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT) and the China Chamber of International Commerce (CCOIC), gave their perspectives on Trade Taskforce recommendations, which seek to make improvements in trade globally that would also benefit domestic economies.
Topline taskforce recommendations are:
- Reduce red tape by implementing the WTO trade facilitation agreement
- Remove protectionist measures by recommitting to the G20 standstill agreement
- Create trade opportunities by strengthening global supply chains
- Create 21st century trade agreements to address newer issues, and an open architecture and services trade as essential components
A detailed presentation of the recommendations, with illustrative case studies, as provided by Bain & Company, was followed by a Q&A session. The relevance of these recommendations for small and large companies alike was reinforced, and recommendations 1 and 3 were identified as priorities. In closing, an analysis of the recommendations in terms of how to make them resonate with the G20 was provided by Michael Callaghan, Director of the G20 Study Centre at the Lowy Institute for International Policy. One of his suggestions was that the B20 should seek to have trade more firmly institutionalized in the B20 process, echoing a longstanding B20 trade recommendation.
ICC Global Survey of Business Policy Priorities for G20 Leaders
Over 2,000 participants responded to the ICC global survey, the results of which were launched at the B20 Summit in Sydney and ensured that the voice of business--regardless of size, geographical region or sector--was heard and considered by policy makers at the highest level. The survey indicated that multilateral trade, as well as investment and infrastructure are firmly placed at the top of business policy priorities for G20 Leaders.
ICC Energy Priorities for G20
In order to supplement the B20 portfolio of recommendations to G20 leaders, the ICC G20 CEO Advisory Group presented a set of energy priorities to the B20 Summit in Sydney.
Given the vast scale and long timeframes of the required energy investments, effective and predictable policy and legal frameworks will be critical to ensure that adequate and appropriate energy investment occurs now and over the coming decades. To enable these massive investment requirements, the paper recommends the G20:
- Improve conditions for energy investment and trade
- Increase the uptake of energy efficiency
- De-risk and stimulate new energy technologies
- Improve global energy governance framework
The paper will be presented to G20 "Sherpas", the Australian government and the G20 Energy Sustainability Working Group.
In his capacity as Co-Chair of the B20 Australia Trade Taskforce, ICC Chairman Terry McGraw participated in a media briefing on the work of the B20 Australia Trade Taskforce alongside Taskforce Chair Andrew Mackenzie. The briefing served to underline how implementation of the Taskforce's recommendations could make a significant contribution to economic growth and job creation worldwide. A similar briefing was given by ICC G20 CEO Group Chairman and B20 Australia Investment and Infrastructure Task Force Co-Chair Marcus Wallenberg.
VideosICC Chairman Harold McGraw interviewed on CNBC
Business bosses must aim to boost growth
20 July 2014, The Age
17 July 2014, CNBC
ICC Chairman Harold (Terry) McGraw, ICC Secretary General John Danilovich and leading members of the ICC G20 CEO Advisory Group attended the Summit in Sydney to build momentum for ICC policy priorities and advocate for progress on the global trade agenda.