U.S. Chamber’s Donohue to Outline Growth and Jobs Agenda at G-20 Summit

Says Government Leaders Must Hear From Private Sector at a “Moment of Great Uncertainty for the Global Economy”

WASHINGTON, D.C. – U.S. Chamber of Commerce President and CEO Thomas J. Donohue will join G-20 government and business leaders in Los Cabos, Mexico, on June 16-18 and urge the world’s leading economies to spur private sector growth and strengthen their financial systems.

Donohue will press the case for pro-growth reforms during the B-20 CEO summit, which will take place as government leaders gather in Los Cabos for their annual meeting.

“This is a moment of great uncertainty for the global economy.  Given the tremendous economic challenges facing the G-20 nations, it’s essential that government leaders hear from the private sector—in a coordinated, consistent, and clear way,” Donohue said.

“Our governments must make growth a high priority. Growth will not solve all our problems, but without it, we won’t be able to solve any of them. Genuine, sustainable, job-creating growth must come from the private sector, and not from more public spending, taxes, and debt,” he said.

During summit sessions and in private meetings with officials from Europe, Asia, and the Americas, Donohue will call for:

• Aggressive, coordinated actions by G-20 to boost confidence in capital markets and shore up credit provision and investment flows both nationally and globally.
• A rapid expansion of bilateral, regional and multilateral trade agreements—including a new U.S.-EU Economic and Trade Pact as well as expansion and completion of the Trans-Pacific Partnership.
• Strong intellectual property protections, a level playing field for cross-border investments, and greater compatibility among regulatory systems governing finance and other key sectors.
• Rational development of global energy resources, technologies, and infrastructure—both traditional and alternative.
• Regulatory and tax reform to unshackle labor markets and unleash entrepreneurship and the growth of SMEs.
• Recognition of the need for nationally-tailored entitlement reforms in order to control public debt in the face of changing demographics.

“To invest and create jobs, our business communities must have greater certainty and confidence in world financial markets. Government regulators should always be mindful of the interdependence of our economies and financial systems.  They should resist the impulse to hinder the financial system with additional burdensome regulations or unreasonable requirements,” Donohue said.

G20 member countries represent almost 90% of global GDP, 80% of global trade and 64% of the world’s population. In 2011, the Chamber formed a Working Group on G-20 Initiatives in with the goal of providing G-20 governments with ongoing perspective and counsel from the private sector. In September, the Chamber will host a meeting of economic think tanks from G-20 countries to sharpen advocacy efforts and work together to put forth solutions to drive global economic growth.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.