G20

One of the inevitable results of the Global Financial crisis was the widening of international economic discourses beyond the G8. I welcome the official recognition of G20 in this new role, as the first line of the Communiqué put it, Canada was the first meeting of the G20 in its ‘new capacity as the premier forum for our international economic cooperation’. The G20 is a bigger and more inclusive forum than its predecessor the G8, containing wider views and more of the countries who were least affected by the financial crisis. The G20 should be better placed than the ‘western’ orientated G8 to prevent future banking crises.

I also welcome and fully support Prime Minster David Cameron’s remarks during the summit on the importance of the Doha round of trade talks. He commented that all countries will befit from an increase in trade flows and that his government would be pushing for the rounds conclusion. He added that the concluded round could contribute over $170 billion to the world economy, this I think would be very welcome at a time when global growth is still sluggish.

Finally i was pleased that a B20 meeting was held alongside the G20 meeting for the first time. This gathering of business leaders was designed to allow the views of the private sector to be fed into the G20’s deliberations. The private sector is essential to ensuring a sustainable global recovery. I am pleased that John Denton, a CBC Board Member, was representing Australian business at the event and look forward to working closely with the B20 in the future.