Welcome: ICC, G20 and Global Governance
Terry McGraw Chairman, International Chamber of Commerce
ICC is – and has been throughout its long existence – a steadfast rallying point for those who believe, like our founders, that strengthening commercial ties among nations is not only good for business but good for global living standards and good for peace. Over the last six years, the G20 has become an indispensable instrument for forging effective international collaboration in an interdependent world. The G20 agenda has a major impact on core business goals and will increasingly shape the policy direction of other national governments and international organizations. As the world business organization – with a global network reaching over 6 million companies, chambers of commerce and business associations in more than 130 countries – the International Chamber of Commerce (ICC) is committed to ensuring that the voice of business is heard and that business interests considered by
policymakers at the highest levels. The work of the G20 is a natural focal point for ICC’s unique international policy stewardship – and presents an opportunity for global business to establish an enduring mechanism to engage with the Group of 20 governments and provide regular input into the G20 policy process. To that end, ICC formed the ICC G20 CEO Advisory Group to spearhead global business engagement with G20 governments at the highest levels and advocate for business priorities within the G20 policymaking processes. ICC and CEO members of the ICC G20 CEO Advisory Group have been deeply engaged in the G20-B20 process since the Seoul G20 Summit in 2010 and are now recognized by those nations’ leaders as an important strategic business partner in the push for economic growth and job creation globally. Over the past 60 years, international trade and investment and the multilateral trading system has been an undeniable engine of growth, that is why ICC has urged G20 Leaders to use their increasing influence on global policy priorities to further advance global trade liberalization and rule making within the WTO. After years of political deadlock, I’m happy to see G20 leaders start to make progress on the multilateral trade agenda. Perhaps the single most apparent result of our work was evidenced during the St. Petersburg Summit (2013), when leaders set aside differences on trade and rallied their support for a successful outcome on trade facilitation. Those commitments held firm when the WTO completed its first multilateral treaty in nearly 20 years by completing WTO
The sheer scale of benefiT deriving from a single Trade agreemenT serves To demonsTraTe The power of The g20 To resTore global growTh if They have The courage and will-power To sTick To Their sTaTed objecTives. 18 ❙ G20 Business 2014
Agreement on Trade Facilitation in Bali on December 7, 2013. That agreement alone could increase exports by more than $1 trillion, supporting the creation of an additional 21 million jobs in both developing and developed economies. The sheer scale of benefit deriving from a single trade agreement serves to demonstrate the power of the G20 to restore global growth if they have the courage and will-power to stick to their stated objectives. Going into the Brisbane G20 Summit in November of this year, business is optimistic that G20 Leaders will maintain the momentum on the trade agenda. Notably, if G20 leaders follow through on business priorities – such as reducing trade barriers, liberalizing trade in services and expanding the International Technology Agreement – they will go a long way in reaching their own target of boosting GDP by an extra 2% over the coming five years. International business stands ready to partner with G20 governments in advancing a growth and jobs agenda. I remain encouraged by the possibilities that collaborative and concerted G20 action can have on the global economy and look forward to continuing the business dialogue with leaders at the November G20 Summit in Brisbane. Together, we can create new opportunities on a global basis that will spur economic growth, create new jobs and increase prosperity and peace. Terry McGraw Chairman, International Chamber of Commerce