ICC executives, who
met in Paris on Thursday, agreed that while much progress still needs to be
made, the measures announced by G20 leaders represent a positive step towards
creating favourable conditions for improving economic growth and creating jobs.
The G20 final
communiqué, issued on 19 June at the close of the Summit, took into account
recommendations that had been delivered to the G20 by several business organizations,
including ICC, on behalf of global business.
“ICC welcomes that
G20 leaders have reasserted their shared belief in multilateralism and picked
up on our trade and investment recommendations,” ICC Chairman Gerard Worms
said. “Their agreement to negotiate on this issue is an indicator of progress
and presents an opportunity to reinvigorate the global economy.”
challenges we all face domestically, we have agreed that multilateralism is of
even greater importance in the current climate, and remains our best asset to
resolve the global economy’s difficulties,” the G20 leaders stated in the final
communiqué, which also expresses appreciation for the contributions of the G20
Business Summit process.
CEOs from the ICC G20
Advisory Group and partners, the World Economic Forum (WEF) and Mexican
business associations COPARMEX and COMCE, delivered business views on a host of
topics including trade and investment to Mexican President Felipe Calderon on
19 April in Puerto Vallarta, Mexico, in preparation for the G20 Summit.
recommendations was a call for increased tools for global governance, namely
for reinforcement of the role and powers of the International Monetary Fund
(IMF). G20 leaders subsequently reaffirmed in Los Cabos their commitment to
fully implement the 2010 Quota and Governance Reform by the time of the
IMF/World Bank annual meetings, set to take place 12-14 October 2012.
IMF’s surveillance powers provides an insurance policy of sorts for the world
economy at a time when even more coherence between countries is necessary to
bring them out of the economic crisis,” said ICC Secretary General Jean-Guy
ICC is encouraged
that the G20 leaders reiterated commitments made at the Cannes Summit, in
November 2011, to roll back any new protectionist measures. According to the ICC Open Markets Index, released in
November 2011, G20 countries only ranked average out of 75 countries for their
openness to trade.
“The rise in protectionism among the world’s major economies has
been very troubling. At a time when trade could stimulate economic growth and
job creation, the G20 needs to lead by example and open markets instead of
putting up barriers,” said ICC Vice-Chairman Harold McGraw III.
According to a recent WTO-OECD-UNCTAD report (1), 124
new trade restrictive measures have been recorded since mid-October 2011,
affecting around 1.1% of G20 merchandise imports (0.9% of world imports).
The G20 leaders also suggested in their final communiqué that the
current economic climate presents an opportunity for implementing inclusive
green growth, echoing advances made at the recent United Nations Rio+20
“Inclusive green growth in the context of sustainable development
and poverty eradication can help achieve our development and economic goals,
while protecting our environment, and improving social well-being on which our
future depends,” the communiqué states.
ICC presented its Green Economy
Roadmap – a comprehensive guide for business, policymakers and civil society to
build a green, more inclusive economy – at the Rio+20 Conference. This roadmap serves
as both a tool for integrating sustainability into business strategies and
government policies as well as a platform from which to improve best practices.
“Governments must harness the
potential of trade and investment to meet the sustainability challenge and raise even more people out
of poverty. Trade and investment will be the global accelerators of green
growth, provided that governments work together to avoid protectionism,” Mr
report on G20 trade and investment measures. World Trade Organization
(WTO), Organisation for Economic Co-operation and Development (OECD), United
Nations Conference on Trade and Development (UNCTAD). 31 May 2012.