B7 Business Summit: new rules for global trade and more innovation

On March 30-31 the leaders of the G7 countries’ business organizations gathered in Rome for the Business Summit (B7). They signed a Joint Declaration addressed to the G7 Presidency, to be presented to Leaders at the Taormina Summit of May 26-27, 2017.

The Declaration includes two key recommendations: for a new global trade governance that reduces the threat of protectionism, and for greater investment in innovation so as to drive the transition to an economy that should be more circular, digital and efficient.

The recommendations reflect the two key macro themes on which this year’s B7 document focuses: trade governance (which involves issues such as market access, non-tariff barriers, market distortions, free competition and WTO reform) and innovation and sustainability (which includes industry 4.0, research and development policies, energy efficiency and the circular economy).

Under Italian guidance, the B7 drafted and approved their Joint Declaration over the two-day meeting, highlighting the challenge “to reconcile economic growth and environmental sustainability while preserving employment and developing new skills,” especially in the digital field, where it is increasingly necessary “to understand the priorities for a digital standardization, to address the issue of legislative barriers and to share formats for the activation of competence centers and digital hubs”.