ICC seeks to add business voices to G20 at Business Summit
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The International Chamber of Commerce (ICC) hopes to strengthen the role of business circles in the global economy, letting their views known to leaders of the G20 via the G20 Seoul Business Summit, the organization said Wednesday.
"Although the majority of issues tackled by the G20 are related to global business, the G20 process has no formal means to solicit input from business leaders on its agenda and work," Rajat Gupta, ICC Chairman, told reporters at a press conference, welcoming the launch of the Business Summit.
The ICC and its delegation to the G20 Seoul Business Summit seek not only to amplify input of businesses to shaping policies but also to making actions in partnership with governments, Gupta said.
"Therefore we are delighted to see the launch of the G20 Business Summit," added Gupta, calling the event "a welcome innovation".
With each of the ICC delegation member serving as moderator or convener for the roundtable session at the Summit, the organization hopes to touch issues most relevant to businesses, including trade and investment, SME, and infrastructure.
As for the trade issue, according to the chairman, the ICC wants to urge the G20 leaders to complete the Doha Round at an early date and to encourage trade financing, said Gupta.
In particular, trade financing will be coming into spotlight, said Victor Fung, ICC Honorary Chairman, who said key of global trade lies in availability of trade financing.
Meanwhile, Stephen Green, vice chairman of the organization, underscored the role of SMEs in global economic growth, saying 25 to 35 percent of the world's manufacturing sector belongs to SMEs.
Green, as he advocated the importance of creating a more SME- friendly environment, proposed to remove regulatory and financial obstacles that hold back their development, also suggesting easier access to venture capital.
In addition, Marcus Wallenburg, who is to chair a session on infrastructure, shed light on the infrastructure issue, saying private investment in infrastructure construction can fix the problem of US$600 billion annual deficit in project funding.
The ICC also hoped the Business Summit to play a permanent role for businesses to keep their voices heard at the world's premier economic forum.
The ICC also commented on the ongoing currency dispute among economies, with Honorary Chairman Victor Fung urging the G20 leaders not just to focus on the monetary or currency side, but to broaden the scope and come back to the basic principle.
Fung, warning the G20 Summit should not dominated by the currency issue, said currency is just one way to solve the trade imbalance, and there are ways to correct the problem without pouring tons of money into the system.
The ICC also welcomed the proposal made by the Basel Committee, or so-called Basel III, saying it was formed in a direction to stabilize and strengthen the global financial sector.
Stephen Green, however, said there are still areas left without definite resolutions or solid figures, indicating capital requirements for SIFIs and liquidity.
"The G20 leaders will still need to work on the issues as they move forward with the Basel III," Green said.
The ICC delegation on Wednesday met with South Korean President Lee Myung-bak, delivering ICC's recommendations to the G20 Summit on behalf of global business.
The ICC is representing enterprises and business associations from over 120 countries, working in partnership with national committees.
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