The G20 Business SummitLondon, 18 March 2009

Rhian Chilcott, CBI

The G20: the basics

• Created in 1999

• Originally just finance ministers and central bankers of the 20 countries

• November 2008: President Bush convened G20 heads of government in Washington, D.C.

• UK has the chair for 2009; South Korea will have the chair in 2010.

Members of the G20

1. Argentina

2. Australia

3. Brazil

4. Canada

5. China

6. France

7. Germany

8. India

9. Indonesia

10. Italy

11. Japan

12. Mexico

13. Russia

14. Saudi Arabia

15. South Africa

16. South Korea

17. Turkey

18. United Kingdom

19. United States

20. European Union...

Members of the G20:

• ... Plus MD of the IMF, President of the World Bank, chairmen of key committees of those institutions.

• Useful resources:

www.g20.utoronto.ca

www.londonsummit.gov.uk

The Business Summit

• UK government requested the CBI to arrange a business summit before 2 April G20 meeting

• 1 representative from each of the 20+4 countries

• Someone who was from a trade association (i.e. representative) but in a non-executive role (i.e. with genuine business experience)

• Focus on trade and investment protectionism

Outcome: an extraordinary degree of consensus

• A rapid conclusion to the Doha trade round

• A legally-binding standstill commitment not to raise new barriers – broadly defined

• An effective monitoring body with real teeth

• To ensure that trade finance and credit gets moving again

• To ensure a maximum economic stimulus effect from high surplus countries.

Additional conversations at the meeting:

• Fiscal stimulus

• Exit strategy

• Financial regulatory reform

• Progress report on the actions from November

Next steps

• The Prime Minister’s comments substantially echoed the business community’s agenda

• Lord Mandelson & CBI issued a joint press release

• Report will be available by end of next week

• Each association decides what to do in terms of lobbying their home state government

What to expect from the main G20 meeting?

Four main workstreams:

- The macrofinancial response

- The role of the multilateral institutions

- Reshaping the global financial system

- Putting the world economy on track for sustainable growth

Next steps?

• Country-by-country lobbying in the remaining two weeks before the London Summit

• Is the G20 the new G8?