The G20 Summit will be held in China this year, with representatives from 20 of the world’s leading economies coming together to collaborate on global economic issues, including trade, innovation and employment opportunities. While the summit won’t actually produce a binding agreement on what should be done to improve trade around the globe, it will set an important tone for future discussions and negotiations on these topics. In anticipation of the summit, here are ways to boost trade at the G20 Summit.
1) Establish common standards
The G20 summit is an annual event that has been held annually since 1999. The summit is a meeting of leaders from 20 major economies in order to discuss global economic and financial issues. The nations involved in this organization are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy Japan, Mexico Russia Saudi Arabia South Africa Spain Turkey United Kingdom United States. Each country brings a different perspective on how trade should be done and what should be done to improve it. With so many different ideas on how trade should be done and so many different perspectives on what needs improvement there are always disagreements among nations.
In recent years there have been several events that have occurred that have greatly impacted the global economy such as Brexit and the election of Donald Trump.
2) Reduce tariffs
Tariffs are among the largest hindrances to trade. Reducing tariffs and establishing better trade policies would allow for more goods and services to be shared between countries. Annual conferences are a good way for leaders from different nations to come together and discuss trade relations, as well as how they can help each other’s economies grow. The G20 Summit is an annual conference which discusses this issue in detail with goals for both short-term improvements and long-term solutions.
3) Eliminate non-tariff barriers
Trade barriers are often a result of non-tariff barriers, which can include things like technical standards and labor regulations. The first step in reducing trade barriers is identifying what they are. Once identified, it’s possible to have discussions with other countries about eliminating them. Annual conferences like the G20 Summit are an opportunity for countries to come together and discuss trade policies and progress on reducing trade barriers.
4) Improve infrastructure
In order to increase trade, one must first improve infrastructure. We need better roads and bridges so that goods can get from place to place quickly. We need a more reliable electricity system so that when it rains, there is no fear of blackouts. We need more modern ports so that cargo can move in and out of countries easily. And we need better telecommunications networks so that businesses can make deals and exchange information rapidly across borders. If our infrastructure is not up-to-date, then we cannot hope for our economy or our trade volume to grow.
5) Expand digital connectivity
The annual conference offers an excellent opportunity for leaders of the world’s 20 most powerful economies, or G20, to increase trade and make it easier for small businesses and entrepreneurs alike. Leaders must use this chance not only to talk about trade but also make it a priority. By establishing a framework that includes: completing negotiations on the Regional Comprehensive Economic Partnership (RCEP) trade agreement, strengthening cooperative measures with Africa in order to promote African exports and investment opportunities, bringing together developing countries in Asia-Pacific and Latin America through initiatives such as ASEAN+3 and CELAC+3, ensuring that all countries have access to global markets through progressive trade rules through WTO negotiations, among other moves, leaders will boost trade.
6) Support SMEs
The G20 summit is an annual conference of leaders from 20 of the world’s most powerful economies. At this meeting, policymakers work on ways to increase trade and promote economic growth. SMEs are one of the driving forces behind economic growth, so it’s time they get a seat at the table. To do this, governments should provide more support for small businesses by making it easier for them to export. In some countries, policies favor large firms with deep pockets over smaller companies trying to grow their businesses and compete internationally.
7) Address forced labor
Forced people into slavery and servitude. Forced labor is found in many forms, from being forced to work for free as a form of punishment for crimes, or as a means of extracting a loan from an individual. It also includes violating labor laws, such as forcing children below the age of 15 to work full-time in hazardous occupations. In 2015, 20.9 million people were estimated to be victims of forced labor . One way participating countries can help combat this issue is by raising it during annual conferences like the G20 summit.
8) Encourage responsible business practices
Responsible business practices are more important now than ever before. The world has changed, and it is up to us to change with it. In order to maintain peace in a globalized economy, there needs to be an understanding of our interconnectedness as human beings on this earth. This year’s annual conference provides an opportunity for world leaders and business elites alike to discuss how we can strengthen this connection.
9) Promote transparency
The governments of 20 of the world’s largest economies will be meeting in Hamburg, Germany on July 7 and 8 for their annual conference. The G20’s mandate is to promote economic growth and sustainable development but there are many other issues on their agenda as well such as trade, energy, climate change and food security. These two days are an opportunity for all countries involved to come together and make important decisions about how they can work together to address these pressing issues. Unfortunately, this year some disagreements have arisen among member states that could impede progress towards a consensus.
One thing that would help increase trade during this summit is more transparency.
10) Cooperate on global challenges
The nations of the G20, which account for eighty percent of global trade and eighty-five percent of world GDP, will meet in Hamburg, Germany. The annual conference is an opportunity for leaders from these countries to discuss their cooperation on global challenges. In light of recent protectionist trends and anti-globalization sentiments, this year’s meeting is more important than ever before. Leaders need to find ways to boost trade by reducing obstacles like tariffs, customs procedures and other border measures.