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B7 Summit in Canada focuses on inclusive growth, resource efficiency and SMEs

The Group of Seven (G7) gathering the seven largest advanced economies in the world, this year under the leadership of Canada, will have to address some of the world’s current challenges when they meet the 8-9 June in Charlevoix, Quebec. Investing in growth that works for everyone, advancing gender equality and women’s empowerment, building a more peaceful and secure world, preparing jobs for the future and working together on climate change, oceans and clean energy are the main topics of the Canadian presidency.  Before, in Quebec City from 4-6 April, the Business Seven (B7) will meet to discuss the topics that are key to ensure a more competitive and business friendly environment and propose concrete recommendations to the G7 leaders.

G7 countries are currently facing a number of common challenges – recovering from the recent global economic and financial crisis, ensuring that the benefits of globalisation are distributed more equally among the society, adapting to rapid technological changes and protecting the environment. The B7 recommends to address these challenges together by fostering inclusive growth and resource efficiency.

Inclusive growth: globalisation has contributed to the decrease of global inequality but we need to ensure that its gains are widespread. Open and free trade is a major contributor in this process, supporting millions of jobs and fostering innovation. The B7 is concerned by increased protectionism and urges the G7 to promote measures that create a stable and friendly environment for business. This is particularly important for Small and medium size companies. As their potential for growth is mostly untapped, we need to ensure their effective involvement in global supply chains by improving access to finance and fostering knowledge about business opportunities in third markets.

Resource efficiency: catalysing resource efficiency is also imperative in order to avoid environmental degradation, economic losses as well as conflicts. In this perspective, we argue that technical and regulatory barriers must be effectively addressed. BusinessEurope, through its ‘Circular Economy Industry Platform’ expressed its support and its involvement towards greater circularity.

Last updated: 5 April 2018