New Delhi, Nov.15 : In a joint statement issued here,business Leaders from G-20 countries have come together to provide a five-point agenda for political leaders at the summit at Washington DC.
Commenting on the subject, the Director General of CII (Confederation of Indian Industry), Chandrajit Banerjee said the joint statement is a first step towards greater coordination among the industry members across the globe to evolve strategies and find solutions to the global crisis.
He said that industry needs to work with the government across countries to address concerns while using the global platforms to share thoughts for making industry competitive through innovative measures like re-training, strategizing and improving productivity to capitalize on policy measures the governments may announce to address the global slow down.
The current meltdown can be adequately addressed only through a partnership between the government and industry.
In the joint statement, to which CII is a signatory, issued here, the industry leaders said the Summit in Washington DC, represents an historic opportunity to begin the work of restoring confidence and economic stability. They urged the leaders to forge a strong international commitment to work together in support of growth and prosperity.
Industry and Business from the G-20 countries have in the joint statement identified five broad principles to guide the political leaders in their deliberations:
1)Stabilizing Financial Markets and Ensuring a Continued Flow of Credit to the Economy. Affirm the Plan of Action announced by the G-7 Finance Ministers and Central Bank Governors on October 10, including the commitment to support efforts to help affected emerging economies and developing countries.
2)Rebuilding Global Economic Growth. Consider the appropriate mix of monetary and fiscal stimulus, balancing the need for short-term stabilization and long-term sustainability. Agree on actions to increase the economic resilience and growth potential of our economies by increasing the quality of public finances and by accelerating structural reforms.
3)Promoting Economic Growth Through International Trade and Investment. Arrest any drift towards protectionism by agreeing to a freeze on the imposition of any new trade and investment barriers for goods and services, and intensify efforts to conclude successfully the WTO Doha Round of multilateral trade negotiations.
4)Reforming the Financial System. Identify the root causes of the current financial crisis and develop regulatory and institutional proposals, both domestically and internationally, to address deficiencies. The G-20 work plan should build on ongoing work by international organizations such as the Financial Stability Forum and the International Monetary Fund, and should preserve the benefits of open and innovative markets.
5)Cooperation and Coordination. Commit to close cooperation on all these issues and coordinate your actions to the maximum extent possible.
The signatories to the G-20 Statement by International Business Leaders include:
Australia Industry Group, Business Roundtable (United States), Busines Council of Australia, BUSINESSEUROPE - the Confederation of European Business, Canadian Council of Chief Executives, Confederation of British Industries, Confederation of Indian Industry (CII), Confederation of Italian Industry (Confindustria), Consejo Mexicano de Hombres de Negocios, Federation of German Industries (BDI), Federation of Korean Industries (FKI), Japan Business Federation (Nippon Keidanren), Movement des Entreprises de France (MEDEF) and United States Chamber of Commerce
Business leaders have agreed to meet during the next few weeks to provide further views and explore ways that the business community can assist the governments in preventing future crises and restoring global economic stability and prosperity.