Statement made by the Secretary-General during the G20 Working Dinner on Trade at the Leader's Summit in Brisbane.
A little over a year ago the OECD and the World Trade Organization (WTO) launched Trade in Value-Added (TiVA), a new database on trade measured in value-added terms. The evidence that we have unlocked using TiVA has begun to revolutionise our understanding of what is happening in global trade, investment and production.
G20 Leaders are firmly committed to open trade and investment and to resisting protectionism in all its forms. They have mandated WTO, OECD and UNCTAD – the leading international organisations in the area of international trade and investment policies – to monitor policy developments and report publicly on these commitments.
The emergence of GVCs challenges our conventional wisdom on how we look at economic globalisation and in particular, the policies that we develop around it. The OECD is preparing a broad range of work to help policy makers understand the effects of GVCs on a number of policy domains.
Since the start of the crisis, a growing number of OECD countries have been reporting declining inward and outward FDI, a phenomenon that could be described as ‘investment de-globalisation’. Governments must take immediate and vigorous action to reverse such trends by removing unnecessary barriers and complexities that hinder investment, said OECD Secretary-General.
Global Value Chains (GVCs) are a dominant feature of the world economy that impact growth, jobs and development, but numerous challenges remain to ensure that all countries and all firms have the opportunity to participate and benefit.
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Global Value Chains: Challenges, Opportunities, and Implications For Policy report to the G20 Trade Ministers Meeting in Sydney, Australia 19 July 2014.
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This report covers investment measures taken between mid November 2013 and mid May 2014 and was prepared in response to the G20 Leaders' request of 2 April 2009 for quarterly public reporting on their adherence to their trade and investment policy commitments.
Ministers, G20 Sherpas, international organisations and policy makers come together at the OECD to examine the progress made to date on measuring trade in value-added terms and to distill the policy implications.
Trade and investment are a key source of growth and an area where the G20 can be credited with important achievements, such as the standstill and the rejection of protectionism. Further trade liberalisation can be a powerful, timely, non-debt stimulus to the world economy, said OECD Secretary-General.