The Business 20, the official business dialogue of the G20, asks the G20 members to overcome their differences and demonstrate decisive leadership at the G20 Summit in Hamburg later this week. 58 CEOs and Presidents of Business Association – Chairs and Co-Chairs of the B20 Taskforces, members of the B20 Business Advisory Caucus, as well as the presidents of BDI, BDA, and DIHK – have issued a joint statement to this end. The signatories agree that globalization is a positive force for economic growth and sustainable development. However, common rules and strong institutions are necessary to ensure that globalization benefits all.
In two central areas, the G20, which accounts for about two-thirds of the world’s population and more than three-fourths of the world’s gross domestic product, is risking falling behind the global consensus of previous years: on trade and climate policies.
The business leaders are concerned about the global increase in trade-restrictive measures. They urge the heads of state and government to reinforce their commitment to open markets and the multilateral trading system with the World Trade Organization (WTO) at its center. Everybody should play by the international rules, the leaders empha-size, while calling upon the G20 to update the rulebook, in order to adequately govern trade in the 21st century. According to the business leaders, as many people as possible should have the opportunity to benefit from globalization. For this reason, there needs to be more investment in education and lifelong learning. The G20 economies need active labor market policies and strong social systems.
The global business community also calls for a clear signal from the G20 in the area of climate protection. As climate change is one of the largest risks to sustainable development, the G20 must reaffirm its commitment to the implementation of the Paris Climate Agreement in Hamburg. The business leaders emphasize: the Paris Climate Agreement provides a good framework for climate protection and innovation. Climate protection and economic growth do not preclude one another. On the contrary, investing in modern, smart, and clean economies can boost economic and social development.
Read the full statement here.