G20 outcomes to spur global trade and investment
Jiang Zengwei-People’s Daily-The importance of global trade and investment to the world economy is like blood to human body; impeded trade and investment will undermine the health of the world economy.
But in today’s world, the growth of international trade has been outpaced by that of the global economy for four consecutive years, while sluggish international investment made things worse, hindering the way of all countries to shake off the aftereffects of financial crisis and pursue economic growth.
One remedy is to accelerate the liberalization and facilitation of trade and investment, and fight against any forms of protectionism.
The just-concluded G20 Summit also listed the revival of global trade and investment as as part of its agenda. It not only institutionalized G20 cooperation on trade and investment policies, but also proposed a series of feasible plans to promote trade growth and issued the world’s first multilateral guideline document on investment policy making.
G20 leaders also agreed to improve the multilateral trade system, accelerate the approval and implementation of trade facilitation agreements, establish global e-commerce platforms and improve the policy environment of global investment.
If these measures can be effectively implemented, the world can break trade and investment barriers, while at the same time mobilize global resources, goods and services in a more efficient manner. They can further integrate the global market, accelerate its pace in integrating cross-border supplies, industrial and value chains, and ultimately embrace a higher economic growth and boosted economic globalization.
As a direct participant and beneficiary of global trade and investment, the business world will work with each government to implement the result from the G20 Hangzhou Summit. It will help all nations increase their coordination on trade policies, eliminate trade barriers and lower trade cost.
We will also join efforts to safeguard the multilateral trade system, oppose protectionism, bring global trade back on track, establish an open, transparent and favorable global investment environment, and revitalize cross-border investment.
(The author is the chairman of China Council for the Promotion of International Trade and chair of the B20 2016)