B20 Turkey will continue to promote multilateralism, as opposed to protectionism, by fostering trade facilitation. More specifically, B20 Turkey will focus on harmonizing regional trade agreements and maximizing the business world’s contribution to the promotion of multilateral trade processes. B20 Turkey will also discuss the relation among the preferential trade agreements and the multilateral framework.
International capital markets are facing the effects of infrastructure deficits, being further aggravated by a large gap in the necessary investments needed. B20 Turkey will continue to advocate for the removal of barriers on cross-border infrastructure investments, and encourage increased coordination of investment projects. B20 Turkey will also focus on improving the financing of infrastructure investments based on new instruments such as securitization.
Financing is critical for investment and necessary to fuel sustained global growth. As a continuation of the B20 in 2014, B20 Turkey will continue to concentrate on improving and strengthening the current global financial architecture, specifically with respect to the governance of international finance institutions and the spillover effects of national policy decisions on other markets.
The focus of the employment taskforce will be on maximizing employment opportunities and allocating human capital more efficiently. For this purpose, B20 Turkey will explore the following mechanisms: encouraging increased financial support for skill development, innovating increased flexibility in the labor market, improving match-making mechanisms between job-seekers and employers, and increasing opportunities for women in the labor force.
Continued cooperation between business and governments remains essential in the fight against corruption. B20 Turkey will continue the previous efforts towards enhancing collective actions to develop institutional arrangements to promote anti-corruption compliance in the private sector, increase transparency in business practices, and improve mechanisms for sharing the best anti-corruption practices in private sector.
SMEs represent more than sixty percent of the global workplace. The argument that SMEs will be the main driver of economic recovery across global markets is gaining momentum. Given the increasing relevance of SMEs and entrepreneurship, B20 Turkey’s SME and Entrepreneurship taskforce will focus on bottlenecks that hinder the growth of these companies. Some issues to be discussed under this taskforce include the potential impact of new financial regulations on SME financing, internationalization of SMEs and SME integration into global value chains, developing new equity financing mechanisms for startups ranging from angel investing to crowdfunding, and enhancing win-win relationships between startups and large corporations.