Chambers put particular emphasis on the resolution of exchange rates’ tensions. Alessandro Barberis, President of EUROCHAMBRES, stated: “Recent foreign exchange interventions distort markets and trade. The G20 must promote exchange rates that will help reduce balance of payment imbalances, reinforce sustainable growth and restore global confidence in the rules-based trading system. We expect EU leaders to take a strong stance in this respect.”
On the other main points on the G20 Summit’s agenda:
• Economic and financial issues. European Chambers urge EU leaders to ensure the global implementation of the new Basel III rules and regulations, reinforce sustainable growth and restore global confidence in the rules-based trading system. The main goal should be to achieve private sector-led growth, by ensuring that businesses, particularly SMEs, have adequate and affordable access to financing.
• Development issues. European Chambers acknowledge that trade can be a silver bullet for poverty alleviation and that Aid for Trade remains the main instrument to support developing countries to expand trade, and to promote growth. However, the way SMEs engage with trade also requires particular attention.
• Trade issues. European Chambers call for an acceleration in negotiations to conclude the Doha Round of multilateral trade talks; to immediately stop the introduction of trade-restrictive measures, and more importantly, to remove the ones which were introduced at the beginning of the economic crisis. Chambers also urge an effective protection of intellectual property rights, which is crucial to driving growth and innovation in the increasingly knowledge-based G20 economies.
* The “C20” group is the business counterpart of the G20 conformed by the Chambers of Commerce of the countries belonging to the official Group of 20. The ambition of this group is to represent the views of enterprises – particularly small and medium-sized ones – from the G20 countries and make an impact on economic and financial policies discussed at G20 level. Its main goal is to support G20 leaders in elaborating solutions to restore economic stability and sustainable growth globally through the development of common positions, the exchange of opinions among the C20 Chambers, and common lobby initiatives.
