BritishAmerican Business G7 Summit Statement: Principles for International Trade and Cooperation
8 June 2021
Contact: Dominic Parker, Communications Manager dparker@babinc.org | 020 7290 9882 | +44 7500 115352
London/New York – The 2021 G7 Summit takes place at an important moment for our economies. After the substantial shock of the COVID-19 pandemic, a period of disruption and change, the decisions made at the Summit will be crucial for the recovery of our economies and the world.
This Summit has the unique opportunity to shape the way we cooperate, trade, and deliver prosperity in a sustainable, resilient, and innovative way for years to come.
Our transatlantic business community offers its full support to the G7 Presidency. We believe that trade will play a crucial role in achieving the Presidency’s objectives and the business community is a key stakeholder group.
Leading up to the Summit, we developed three principles for international trade and cooperation that we hope can guide governments in their efforts.
Guiding principles for international trade and cooperation
- Avoid backsliding on achievements made in trade and cooperation over the past decade. Promote global prosperity by avoiding the trap of protectionism.
International trade and global cooperation have been fundamental to our economies for decades, to the benefit of our communities, workers, and consumers. The COVID-19 pandemic required restrictions to be put in place that limited the way we do business and travel. And continuing trade disputes dilute the effect of trade and investment in our global recovery.
We believe that these restrictions need to be lifted as soon as possible. It is in our collective interest that we resolve existing trade disputes, that we re-open air corridors, that we integrate new health and safety measures into border control and immigration procedures without creating new hurdles for travel and trade, and that we see international supply chains as a solution rather than a barrier to building resilience.
- Use the lessons from this pandemic to accelerate innovation, encourage workplace flexibility, and develop infrastructure.
The COVID-19 pandemic has clearly shown the vulnerabilities of our economies, yet also what is needed to make our countries fit for the future; flexible and hybrid working, accelerating the digital transformation, having the right physical and digital infrastructure in place, and using international supply chains to deliver aid where it is needed.
We believe that we can use these lessons drawn from the pandemic to take our economies into the future. The means that we should create incentives for companies, especially smaller businesses, to take part in the digital transformation, provide the right infrastructure for them to thrive, and support them in their efforts to find new ways of working.
- Make global trade more accessible, sustainable, free, and fair.
Across the UK and the U.S. there are significant differences in the ability of companies to trade globally due to their size, location, or resources. We need to make trade accessible to companies everywhere. Most major businesses have already shown a deep commitment towards carbon neutrality and sustainability; a strong public-private partnership is essential for all companies to reach these goals.
We believe that the fight against climate change should be integrated into all aspects of policy, by supporting and incentivising green innovation, by providing the right infrastructure, and by supporting those who cannot do it by themselves. Through the leadership of the G7, this can be a guiding principle towards making trade more accessible and establishing a fair and sustainable trading system that builds on a modernized WTO.
ENDS
BritishAmerican Business is the leading transatlantic trade association incorporating the British-American Chamber of Commerce in the US and the American Chamber of Commerce in the UK.
We are committed to strengthening the economic corridor between the United States and the United Kingdom by supporting policies and action that protect and enhance the environment for transatlantic trade and investment.
We convene and serve a growing network of companies and business leaders through networking opportunities, bespoke programming and marketing platforms.
We actively promote trade and investment and support those who make the transatlantic corridor part of their business growth ambition.
For more information, please visit www.babinc.org