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          ICC calls on G20 to maintain momentum on growth and jobs agenda

          • Brisbane, 14 November 2014

          The International Chamber of Commerce (ICC) is calling on G20 leaders to seize the opportunity to make progress on jobs and growth, following timely news that the US and India have resolved differences relating to the World Trade Organization’s Trade Facilitation Agreement.

          ICC calls on G20 to maintain momentum on growth and jobs agenda Untitled Document

          Emphasizing policy priorities on behalf of global business on the eve of this year’s Summit of G20 leaders in Brisbane, Australia, ICC urges the G20 to take further global business priorities to be taken into account during deliberations, including full implementation of the Bali package.

          “The G20 has an important opportunity at this summit to accelerate the global economic recovery and drive future growth,” said ICC Chairman Harold (Terry) McGraw III, who is in Brisbane for a meeting between B20 and G20 leaders. “The Australians have displayed tremendous leadership and together with the rest of the G20 have set an ambitious agenda. Now is the time to act on the policies that will support job creation and raise standards of living around the world."

          ICC has been deeply engaged in the B20 process since the Seoul Summit in 2010, and this year worked closely with Richard Goyder’s B20 Australia group to formulate a set of 20 recommendations that focus on the core economic drivers of trade, infrastructure, human capital, finance and transparency. Presented to Australian Prime Minister Tony Abbott in July, the recommendations have been strongly endorsed by ICC.

          “The B20 is a vital mechanism for business to amplify priorities and to tangibly contribute to building sustainable economic growth,” said Mr McGraw, who is also Chairman of McGraw Hill Financial. “ICC and the B20 are willing to play a continuing role, to deliver real-world input to policy-making, partnering with governments to implement commitments, and to validate the G20’s actions through increased trade and investment, economic growth, and job creation. But we need to see resolve, collaboration and commitment from G20 leaders to progress our recommendations.”

          Formulated during the first half of 2014 the 20 mutually reinforcing recommendations call upon the G20 to create more investment and growth.

          “These are easy wins and can pay off for both developed and developing economies,” said Mr McGraw. “For example, delivering on the B20’s four trade recommendations could lead to US$3.4 trillion in GDP growth and closing the infrastructure gap could create 100 million new jobs and generate US$6 trillion in economic activity.”

          ICC has repeatedly called on G20 governments to demonstrate the necessary leadership to resolve the current impasse on World Trade Organization trade negotiations. “Prime Minister Abbott must press for further ratification of the WTO trade facilitation agreement by G20 countries as a priority outcome of the Brisbane Summit,” said Mr McGraw.

          ICC Chairman Terry McGraw on CNBC

          Mr McGraw is joined in Brisbane by representatives of the ICC G20 CEO Advisory Group that includes Rifat Hisarcıklıoglu, President of the Union of Chambers and Commodity Exchanges of Turkey, Peder Holk Nielsen, CEO of Novozymes, Antonio Brufau, Chairman and CEO of Repsol, Alejandro Ramirez Magana, Director General of Cinepolis, Jamal J. Malaikah, President of National Petrochemical Industrial Co, Alexander Shokhin, President of Russian Union of Industrialists and Entrepreneurs. Richard Goyder, CEO of Wesfarmers and Michael Smith, CEO of Australia New Zealand Bank are also members of the ICC CEO Group.

          Mr Hisarcıklıoglu, who will serve as Chair of B20 Turkey, is also a member of the ICC Executive Board and joined an ICC press briefing to shed light on plans for the B20 cycle in 2015. Given the vast amount of work put into forming the business recommendations this year, B20 Turkey intends to pick up on the existing set of 20 business recommendations and prioritize follow-on proposals. We will also introduce new initiatives, including an emphasis on the contributions of small- and medium-sized enterprises to economic growth and job creation. We are determined to utilize the vast wealth of knowledge and expertise collated by B20 Australia,” he said. “The primary mission of B20 Turkey will be to tackle pressing global challenges by developing actionable recommendations to G20 leaders. Public–private sector dialogue is essential for steering the global economy into a sustainable high-growth path.”

          "Peder Holk Nielsen, President and CEO of Industrial Biotechnology company Novozymes and a leading member of the ICC G20 CEO Advisory Group emphasized the importance of enhancing long-term and stable framework conditions to drive investment decisions and support enhanced global growth through energy and infrastructure.

          "Novozymes and its partners are already deploying renewable energy infrastructure, including advanced biofuels and biorefineries. To encourage business to do more, G20 leaders must not only continue their work to address energy subsidies and ensure a level playing field for energy and infrastructure. Longer term investment decisions that will drive sustained economic growth in key areas such as renewable energy must be further de-risked through targeted policy support," said Mr Nielsen.

          As the voice of global business, ICC has also pressed for the greater promotion and protection of cross-border capital flows – especially foreign direct investment – an infrastructure information hub to increase the pipeline of bankable, investment-ready projects and a multilateral framework on investment that will create an enabling environment for greater investment across borders.

          Comprising over 30 CEOs and prominent business leaders, the ICC G20 CEO Advisory Group has been a platform for continuity in the B20 process between Summits, soliciting priorities and recommendations from companies and business organizations of all sizes and in all regions of the world.

          Follow ICC at the G20 on Twitter @iccwbo

          ICC World Trade Agenda

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