MercoPress. South Atlantic News Agency

Brazilian gov't and business agree on WTO reform ahead of G20 Summit

Together, the B20 and G20 share a common vision of reforming the global trading system, Alckmin reckoned

Brazil's government and businessmen gathered last week in São Paulo for the B20 summit, and they concurred on the need to push for world trade reforms ahead of the G20 summit, which will be held in Rio de Janeiro next month.

Business 20 (B20) is the G20’s official forum for dialog with the business community. The group is made up of approximately a thousand business representatives from the G20 countries, guest countries, and international organizations.

Brazilian Vice-President Geraldo Alckmin represented Brasilia at the B20 meeting. He stressed that the government Government of President Luiz Inácio Lula da Silva was aligned with the proposals put forward by businesspeople, such as the reform of the World Trade Organization (WTO), investment in green infrastructure and technological innovation, and the promotion of gender equality. “These recommendations align directly with the G20’s goals of building a fairer global economic system that not only promotes growth but also social equity and environmental sustainability. Together, the B20 and G20 share a common vision of reforming the global trading system to respond to the challenges of the 21st century, creating a more connected, sustainable, and inclusive world,” said Alckmin.

The B20 recommendations are divided into five guiding principles: promoting inclusive growth and fighting hunger, poverty, and inequality; accelerating a just transition to net zero emissions; increasing productivity through innovation; strengthening the resilience of global value chains; and valuing human capital.

The Brazilian government, as host of the G20, has defended a multilateral trade system that ensures that rules are applied fairly and that trade and investment flows benefit both the most advanced and the most vulnerable economies, Alckmin said.

One of the guiding principles of the document presented by the entrepreneurs is to promote inclusive growth and fight hunger, poverty, and inequality. In the text, the B20 points out that, by 2030, almost 600 million people are likely to be chronically undernourished in the world, with women and rural dwellers being disproportionately more affected by food insecurity.

“A theme that permeated the G20 discussions and is echoed in the B20 recommendations is the inclusion of women in international trade. The experience of Brazilian programs has shown that training and supporting female leaders is fundamental to creating a more diverse and inclusive business environment. It’s important to note that, for the first time in history, this issue has been prioritized for G20 trade and investment,” Alckmin also said.

In a statement at the end of the meeting in São Paulo, B20 Chairman Dan Ioschpe said: “We’ve had the chance to present our proposals to the Brazilian government and the G20 representatives over time, and we’re clearly very aligned.” He said he hoped that the joint proposals would be well considered by the G20, its representatives and leaders when they meet next month in Brazil.