The G20 Business Summit brought together the heads of some 120 of the world’s leading companies during the G20 meeting in Seoul in an effort to address the most pressing challenges of the global economy.
At the core of a statement released by the business leaders is the need for open markets and a stable monetary system. The CEOs also congratulated G20 member nations on the progress they made to date in dealing with the current economic crisis and their restraint in dealing with exchange-rate issues.
Among the points raised in their statement was the belief that global trade is essential to ensure that the world’s economic growth potential is realized. Among some 20 subject areas, they recommended to the G20 nations:
- Completing the Doha Development Round in 2011 and reinforce that commitment through the personal engagement of each G20 Leader.
- Roll back protectionism at least to where it was at the start of the global financial crisis and resist protectionism and trade-restrictive measures going forward.
- Give trade finance favorable treatment under the New Capital Framework, often referred to as Basel III.
- Withdraw stimulus measures to smoothly transition from government-stimulated demand to private-led growth as the recovery stabilizes.
- Adopt monetary policy that should be gradually returned to a neutral stance to prevent inefficient capital allocation and new asset bubbles.
- Focus on cutting government spending and governments should avoid tax increases unless these prove unavoidable to forestall an acute fiscal crisis.
- Address the specific needs of the Small and Medium-Sized Enterprise Sector to eliminate impediments to the sector’s growth.
For more of the principles promoted by the G20 Business Summit, as reported by the International Business Times, please click here.