B20 Final Recommendations to G20, Part 3 of 3: Shaping New Frontiers
On October 5th, the B20 released their final recommendations to the G20 as prepared by the B20’s six taskforces and the Women in Business Action Council. The U.S.-Saudi Business Council (USSBC), a member of the B20 Trade & Investment Taskforce, is pleased to provide you with a summary of the 25 policy recommendations that will be formally presented to the G20 during the B20 Virtual Summit on October 26-27th. The policy recommendations were divided into three themes: Empowering People, Safeguarding the Planet, and Shaping New Frontiers. You may access our previous two summaries from the following links: Part 1: Empowering People and Part 2: Safeguarding the Planet.
“Shaping New Frontiers” is the theme of the remaining nine recommendations, which converge on the following topics: enabling access to the digital economy for all, addressing global tax avoidance as the global economy continues to digitalize, combatting private and public corruption, crafting an international regulatory framework to meet the recent innovations in big data and fintech, supporting the development of smart cities, financing sustainable infrastructure, and synchronizing cross-border prudential reforms and standards. In general, these recommendations revolve around the future that will be shaped by recent and upcoming technological innovations. To this end, the B20’s recommendations regarding the evolving digital sphere advocate enhancing ongoing innovation, ensuring equitable economic gains from innovation, guaranteeing equal access to the new digital economy (particularly for women and youth, and especially for those in emerging economies), improving cybersecurity in the public and private sectors, and promoting transparency and anti-corruption.
The recommendations also address the emerging technologies and systems that are shaping the world’s “new frontiers,” such as artificial intelligence, digital infrastructure (e.g. Internet of Things, 5G), e-finance/e-commerce, and smart city technologies. The B20 also recognizes that the international financial system needs reform to meet the world’s new digital frontier, proposing that international standard-setting bodies such as the World Trade Organization, UN Conference on Trade and Development, Financial Action Task Force, Financial Stability Board, Basel Committee on Banking Supervision, and other relevant parties more closely coordinate to ensure consistent reform roll-out, take preventative actions against global shocks, and ensure a level playing field for all members of the global economy. In a world that is becoming ever-more interconnected through digital innovations, these recommendations seek to ensure that women, youth, and small to medium-sized enterprises, especially in developing economies, have access to the unprecedented opportunities of the future.
The “Shaping New Frontiers” theme was combined from various recommendations put forth by the B20 taskforces, including Digitalization (chaired by USSBC member Saudi Telecom Company); Integrity and Compliance (chaired and co-chaired by USSBC members Saudi Telecom Company and SABIC, respectively); and Future of Work and Education. Other USSBC members that played an active role in each taskforce and were instrumental in the B20’s development of these recommendations include Chubb Arabia Cooperative Insurance Company, Facebook, Jarir Investment, The Olayan Group, Saudi Basic Industries Corporation (SABIC), Saudi Arabian Oil Company (Aramco), and Saudi British Bank. The B20, consisting of six taskforces and one action council, represents the international business community in its dialogue with the G20 and serves as the voice of the private sector across all economic sectors of the G20 members. We at the USSBC further invite you to review the full set of policy recommendations from the included link and to follow us on Twitter for more updates on the G20 and B20.