Sydney Business Leaders Push at B20 Summit for Freer Trade to Boost Growth, Create Jobs

By @ibtimesau on
China exports
Workers wearing uniforms are seen in front of a cargo vessel at the port in Ningbo, Zhejiang Province, May 13, 2014. China is increasing its support for its wobbly trade sector with a raft of new measures that include giving more tax breaks, credit insurance and currency hedging options to its exporters. Picture taken May 13, 2014. REUTERS/Stringer (CHINA - Tags: BUSINESS MARITIME)

Sydney business leaders sought freer trader to boost growth in trade and capital and to create jobs. However, they stayed away from the issue of profit-sharing and climate change, which are considered vital issues by many G20 nations.

The B29 recommendations have a couple of common themes such as the free flow of trade, capital and employment, said Steve Sargent, chair of the B20 human capital taskforce, at the B20 Summit ongoing in Sydney on Thursday and Friday.

The aim of these strategies drawn by the business leaders is to help the G20 meet its promise made at the meeting of finance ministers in February to target a 2 per cent additional growth over the next five years. Richard Goyder, B20 Australia chair, expressed confidence that if the group's recommendations are implemented, economic growth would be achieved. 

To have higher chances for the B20's recommendations to be adopted, leaders of the largest companies in the world on only a few of them. He cited that in 2013, 128 recommendations were made by the B20 leaders at the summit held in St Petersburg, which are too many to give priority.

The B20 Summit, attended by about 300 business leaders, precedes the G20 trade ministers' meeting slated on Saturday, also in Sydney and the G20 conference in Brisbane in November.

Andrew Mackenzie, chief executive of BHP Billiton, said the recommendations are expected to generate almost $3.5 trillion GDP growth and over 50 million jobs among the G20 members.

Other speakers in the B20 Summit include Mike Smith, chief executive of the ANZ Bank, Rupert Murdoch chief executive of News Corporation, Sam Walsh, chief executive of Rio Tinto, Ben van Buren, chief executive of Royal Dutch Shell and Andre Sands, chief executive of Standard Chartered Bank.


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