Yu promotes B20 policy recommendations at the investment seminar
At the invitation of Italy’s Chiomenti Studio Legal and three other European law firms, B20 China Sherpa Yu Ping attended a seminar with the theme of Investing in Europe in Beijing on July 19, 2016.
The meeting brought together more than 80 representatives from Chinese and European companies, law firms and investment institutions.
Yu talked about the latest developments of B20 China, in particular the B20opments w firms and investment institutions.tten
The international business community attaches great importance to investment issues; therefore about one third of this year’s B20 policy recommendations are directly or indirectly related to investment, Yu noted.
He said the B20 policy paper has put forward practicable, specific and actionable recommendations and measures with regard to developing transparent infrastructure pipelines, promoting innovative approaches to future infrastructure, formalizing the role of trade ministerial meetings in the G20 process, adopting consistent and aligned international tax policies, facilitating the development of green finance and investment markets, and easing the inclusion of small and medium-sized enterprises (SMEs) into global value chains and etc.
In view of the lackluster and complicated international trade and investment environment, the B20 urges, the G20 to enhance the global investment policy environment and facilitate proper protection to investors and investments.
Yu also briefed the participants on the achievements of the G20 Trade Ministers Meeting recently held in Shanghai. These achievements will play an important guiding role in boosting global trade and investment and also generate positive feedback about some of the B20 recommendations, he said.
The Trade Minister meeting issued the G20 Trade Ministers Meeting Statement, the first of its kind in G20 history, with the ministers agreeing that ents will play an important guiding role in bectives for global growth, stability, and shared prosperity.” The statement contained the following three annexes:
First, the China-drafted Terms of Reference of the G20 Trade and Investment Working Group (TIWG), which confirms that the TIWG will be convened three or four times a year in order to better support the G20’s coordinating role in reinforcing global economic governance and boosting growth in global trade and investment.
Second, the G20 Strategy for Global Trade Growth, which defines seven major cooperation pillars, namely lowering global trade costs, harnessing trade and investment policy coherence, boosting trade in services, enhancing trade finance, developing a World trade outlook indicator, promoting e-commerce development, and addressing trade and development. It also proposes action plans to serve as guidelines in boosting global trade and sustainable development.
Third, the G20 Guiding Principles for Global Investment Policymaking, the first multilateral guidelines for investment policymaking in G20 history, which establish nine principles, including avoiding protectionism in cross-border investment, establishing open, non-discriminatory, transparent and predictable conditions for investment, enhancing protection for investors and investments, transparent policymaking, promoting sustainable development and encouraging responsible business conduct and corporate governance.
The G20 Trade Ministers Meeting also agreed to reinforce the multilateral trade system by extending the commitment to not taking any new protectionist measures to 2018 and by taking comprehensive measures for the integration of developing countries and SMEs into global value chains, which latter step adopts the China-proposed initiative of “promoting inclusive and coordinated global value chains”.
Yu expressed his gratitude to various parties for their support of the B20 China and hoped that they will continue to assist in advocating the B20 policy recommendations to expand the impact of the appeals of the business community and ensure their positive influence on G20 policymaking.