Execs Urge G-20 Leaders to Tackle Protectionism

The Seoul G-20 Business Summit kicks off for a two-day session Wednesday with CEOs of 120 global businesses attending.

This gathering is the first of its kind on the sidelines of the G-20 summit. Prior to the summit, the executives urged G-20 leaders to curb trade protectionism and ease financial regulations.

Participating CEOs have also worked on drafting a working group report over the past four months and will submit the final draft to G-20 leaders. The executives were divided into 12 groups and worked on four main agenda items: trade and investment, finance, green growth and corporate social responsibility.

The business summit’s organizing committee released these reports Tuesday at a news conference at the Sheraton Grande Walker Hill Hotel in Seoul. The collection comprised 66 advisory reports -- 49 propositions for various governments, 10 improvement plans for enhancing public-private ties, and seven action plans outlining voluntary measures by business.

The executives first said G-20 leaders should commit to completing the Doha Development Round by next year. They also urged the rolling back of trade restrictions to pre-global financial crisis levels and preferential treatment for trade finance under the new banking regulation Basel III.

The report said government-led stimulus measures should be scaled back given the recovering global economy and urged governments to temper monetary and fiscal expansionary measures.

Business leaders will hold direct dialogue Thursday with nine G-20 heads of state on proposals and solutions. Their recommendations will be delivered to the leaders at the close of the business summit.

The business summit will begin with a reception and welcoming dinner Wednesday, followed by a plenary session, roundtable discussions, closing plenary session, news conference and networking party Thursday.

foryou@donga.com