Outcomes from G20 Leaders' Summit
Dear B20 Colleagues
Last week in Brisbane a delegation of 26 members of the B20 community representing 18 countries, as well as numerous international and national business associations, met with G20 leaders and officials to discuss our recommendations and press the need for action on creating the right environment for businesses to invest and create jobs.
Good business engagement with G20 Leaders and others
The whole delegation met with a group of Leaders on Friday evening. On Saturday afternoon in the first of the formal closed sessions for G20 Leaders, Alejandro Ramirez of Mexico and Richard Goyder directly addressed the Leaders on the imperative of growth and the need to reestablish confidence to encourage greater investment, trade and job creation. A very special privilege for an engagement group to be invited in to the closed sessions.
In addition to meetings with Leaders we had a briefing by Rifat Bey and the Turkish B20 Executive Committee on their plans for 2015 and bilateral meetings with Mr Roberto Azevêdo, the Director General of the WTO and Treasury Secretary Mr Jacob Lew of the US Administration.
Business recommendations reflected strongly in G20 Communiqué
The G20 Leaders’ communiqué released at the conclusion of the meeting on Sunday 16 November contains commitments to deliver on four distinct aims: individual country growth strategy commitments to meet the 2 per cent additional growth target (outlined in the Brisbane Action Plan); acting together to lift growth and create jobs; building a stronger, more resilient global economy; and strengthening global institutions.
Around half the commitments in the communiqué reflect recommendations that were made by the B20 Australia in July and almost all of the B20’s recommendations (14 out of 20) are reflected in the communiqué; touching each of the 5 taskforce and working group issues. This is a comprehensive endorsement of the relevance of the B20's input this year and the significance of that input was specifically acknowledged by Prime Minister Abbott in his closing press conference.
Among specific commitments in the communiqué (733kb), the G20 Leaders have:
- Financial regulation – committed to finalise the remaining elements of the global financial regulation framework and welcomed the Financial Stability Board’s proposal to report on the implementation and effects of these reforms.
- Infrastructure – committed to establish a Global Infrastructure Hub as the delivery mechanism for the Global Infrastructure Initiative announced at the meeting of G20 Finance Ministers and Central Bank Governors in Cairns in September and endorsed in the communiqué.
- Trade – welcomed the agreement on food security which clears the way for the Bali Trade Facilitation Agreement to be ratified and implemented on a multilateral basis, and the commitment to maintaining the standstill on protectionism.
- Human Capital – committed to the goal of reducing the gap in participation rates between men and women by 25 per cent by 2025 to bring more than 100 million women into the labour force and significantly increase global growth and reduce poverty and inequality.
- Anti-corruption – agreed to implement the G20 High-Level Principles on Beneficial Ownership Transparency as part of the 2015-16 G20 Anti-Corruption Action Plan.
These commitments are summarised and compared with the B20 recommendations in this table (115kb). Given what we have recommended it is truly satisfying to see so many of our recommendations acknowledged by the G20. This was also widely reported in the media. We had strong engagement with the media ahead of and during the Summit and this is reflected in these reporting highlights (3.6mb).
Business needs to help governments deliver on their commitments
Many of the structural reform commitments made by our governments will be hard for them to legislate and implement, particularly where they involve painful readjustments. We cannot expect our governments to shoulder this burden on their own. Business must contribute actively to the public debate on these reforms, and we call on each of you to take responsibility for the direction of the public discourse in your own country.
Handover to B20 Turkey, thank you and farewell
This email is our last to you and marks the end of the B20 Australia. From 1 December the B20 Turkey assumes responsibility for managing the B20 agenda. We have provided our contact list to the B20 Turkey along with a record of our work over the past year and the lessons we have learned about how to run this unique process in the most effective way and met with the Turkey team to ensure a full handover. We will continue to provide our support and encouragement for their agenda next year. Please join us in wishing Rifat Bey and the B20 Turkey team a productive 2015.
We want to thank each of you for your contribution to our efforts this year. We are proud of our efforts. Our strength was truly in our numbers and the broad force of our representations to governments across the G20. We urge you to maintain your focus on encouraging the implementation of commitments and easing the path for your legislators to ensure the great gains announced in Brisbane are converted into real growth, additional jobs and higher living standards around the world.
Richard Goyder AO Robert Milliner
Chair, B20 Australia B20 Australia Sherpa