Infrastructure and jobs key at Brisbane G20 Leaders Meeting
Friday, 14 November 2014
The G20 meeting in Brisbane are debating how infrastructure improvements could boost the world economy. The UNSW Business School's Professor Moshirian said "Public-Private partnerships in infrastructure should be more encouraged and close links between the G20 and business should be established to ensure business leaders play more prominent role in this process."
A global infrastructure agreement has not yet been formally endorsed at the G20 Brisbane Summit. However Australia's G20 Infrastructure Agenda aims to increase quality investment into projects around the world.
The agenda promotes using the private sector to build infrastructure in order to boost global growth and job creation. However Professor Fariborz Moshirian, Director of the Institute of Global Finance said "these initiatives need to be carefully developed to make sure developing countries are not marginalised. The G20 has been talking about infrastructure development as a G20 focus area since the Seoul Summit in 2010. However the area has not gained much real traction on the ground."
Professor Moshirian adds the summit should also fast track the global tax reform agenda proposed by the OCED and ensure more accountability on the part of large multinational companies. "Properly enforcing current rules could help governments could combat tax avoidance amid efforts to crack down on billions of dollars moved by wealthy individuals and companies in tax havens world-wide."
He said there should be more inclusive approach to the G20 goals including resolving some of the key trade imbalances between what is called the G2 (or China and the US) within the global G20 forum.
The G20 should also put more emphasis on successful conclusion of the multilateral free trade negotiations, he added. "While much attention has been focused on the China & Australia FTA, there are many other agreements which would boost the world economy. And the international institutions should be reformed otherwise BRICS will break away and create their own global institutions."
"Women participation and their role to economic productivity should also be promoted, and there must be a more inclusive society in member countries within the G20."
For further comment call Fariborz Moshirian on 02 9385 5859 , or Email email@example.com
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Julian Lorkin: 02 9385 9887
AGSM Scholar, Professor, Director of the Institute of Global Finance
School of Banking & Finance