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Geostrategy 07 Jul 2017

What to expect from the G20’s Hamburg summit

All eyes are already set on Hamburg, where, under Germany’s presidency, the G20 leaders will be meeting today and tomorrow to agree on a program to deliver on the goal set in this year’s slogan: “Shaping the interconnected world.”

The B20 – the parallel forum made up by businesses from these 20 countries – has drafted a series of recommendations for the G20 aimed at improving the future viability and sustainability of the global economy. According to a recent press release by the forum, “the B20 stands for open and rules-based markets, as well as ensuring that the benefits from globalization are widespread in our societies. For example, we need to invest more in education and lifelong learning”. The B20 spoke out strongly against protectionism and for strengthening the multilateral trade system.

B20: We neet to ensure that the benefits from globalization are widespread in our societies. For example, we need to invest more in education and lifelong learning

U.S. President Donald Trump’s recent announcement to withdraw from the Paris Agreement has turned the fight against climate change into one of the hottest topics of the G20 summit that will be kicking off today in Germany.

Climate change was also one of the standout points in the press release issued by the B20, which encouraged the world’s leading powers to commit to achieve a sustainable world.

Also, the press release called on the G20 to be united and show leadership in “shaping an interconnected world,” the slogan under which the G20 will be meeting this year. For that purpose, it singled out inclusive and international trade as an essential element.

“The business representatives of the G20 call on the political leaders of the G20 to be united and show leadership in shaping globalization,” said Jürgen Heraeus, B20 Chair. “Global challenges demand global solutions.” National go-it-alone strategies are destined to fail. The G20 is today more important than ever and must overcome the challenges that have arisen in recent months,” he added.

B20: National go-it-alone strategies are destined to fail. The G20 is today more important than ever and must overcome the challenges that have arisen in recent months

In its statement, the so-called “G20 of businesses” ratified the recommendations it issued last May, which will be forwarded this weekend to the G20 leaders. These recommendations seek to achieve a sustainable global economy in the future.

BBVA plays a prominent role within the B20. José Manuel González-Páramo, BBVA Executive Director, co-chairs the B20’s Financing Growth and Infrastructures taskforce.

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