G20 agenda should be “ambitious” in innovation, trade and investment

G20 agenda should be “ambitious” in innovation, trade and investment

10/08/2016 Source “Ocean Press”

Hundreds of experts of various nationalities attended the summit Think 20 (T20) which was held on 29 and 30 July in Beijing, a preparatory meeting for the G20 summit. Researchers and economists delivered a draft of proposals called “Policy Recommendations to the G20” for the summit to be held in September in Hangzhou, China. Experts expect the G20 summit to have an “ambitious” agenda on the key challenges that the world economy is facing.

In addition to a view of the economic outlook and an analysis of the main current risks, the document includes key recommendations on how to increase the potential for economic growth, improve global governance and promote further trade and global cooperation on investment and development.

“First, we emphasize the need to continue the constructive dialogue to understand how to face better the current political and economic global uncertainty,” said Goldstein, managing director of the group of experts Nomisma based in Bologna.

“A second key point of our document in a call to the G20 to be ambitious in some areas, for example, the called finance for development, in particular to achieve the commitments made at the climate conference in Paris” said the economist.

Economists and researchers also expect the G20 leaders to take brave positions on world trade, which shows a slowdown in recent years, also requesting robust initiatives in investments.

“Today, the world trade growth rate is lower than the gross domestic product growth (GDP)”, said Goldstein.

It is hoped that the leaders of major developed and developing economies of the world can provide answers to the current challenging economic environment, he said. “These issues require the global actors to discuss new measures to foster sustainable growth through, for example, a new investment plan”.

Protectionist trends will be another priority, given the context of the global economic slowdown, once that are surging worrying signs of increasing pressure to close borders to trade, explained the analyst.

The ministers of Trade of the G20 already boosted the measures agreed at the meeting held at the beginning of July in Shanghai, where they had agreed to reduce trade costs, boost funding and increase coordination of policies.

Finally, the Italian economist explained that a “fourth challenge is linked to the global sustainable development agenda”.