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On September 7, 2021, the Business Twenty (B20) – Russia business dialogue took place. The topic of the dialogue is “The contribution of global governance institutions to post-crisis development.”

From the transcript:

A. Overchuk: Dear colleagues!

On behalf of the Government of the Russian Federation, I would like to welcome the participants in the Business Dialogue “Business Twenty (B20) – Russia”, in particular, Emma Marchegalya, Chairperson of B20, Svetlana Vladimirovna Lukash, Representative of the President of the Russian Federation, (Sherpa) in the G20 , Alexander Nikolaevich Shokhin, President of the Russian Union of Industrialists and Entrepreneurs, and all colleagues present.

I had a chance to speak at the traditional Regional Consultative Forum of the Business Twenty, organized by the Russian Union of Industrialists and Entrepreneurs and Chairman of the B20, as part of the St. Petersburg International Economic Forum this year. At that time, his work was focused around issues such as energy and resource efficiency, trade and investment, education and employment. Today’s event is a logical continuation of it.

Of course, the issues of financing and infrastructure, digital transformation, healthcare and natural sciences are also among the priority areas of cooperation between our country and international partners. The importance of such formats as today’s dialogue for raising the awareness of Russian and Eurasian authorities and the public about the progress of work, priorities and recommendations of the B20 cannot be overestimated. In this regard, I would like to express my support for the work of my colleagues from the Russian Union of Industrialists and Entrepreneurs, who, together with the B20 Chairman, regularly hold such events.

International multilateral cooperation is a necessary mechanism for maintaining sustainable development of the world economy and national economies.

It is the multilateral formats of cooperation that make it possible to develop comprehensive and mutually acceptable solutions on key international issues, significantly reducing transaction costs for their participants.

The Russian Federation is a member of many key multilateral institutions of international economic cooperation, including the EAEU, WTO, EEC, UN, we strive to actively interact with the UN. And of course, the G20.

Today, the G20 is one of the most influential multilateral institutions of international cooperation, uniting leading economies, on the sites of which decisions on the most important international issues are developed.

At the same time, the “interaction groups”, the key of which is B20, not only contribute to the cooperation processes as a source of expertise, but also contribute to understanding and public support for the G20 decisions, promoting the complexity, inclusiveness and synergy of interaction in various areas of international cooperation.

An important aspect of the G20’s activities, which is worth noting, is the desire to reflect the national specifics and development objectives in the implementation of the decisions taken. The one size fits all principle has repeatedly proved to be ineffective. For this reason, the adaptive and flexible nature of the proposed B20 solutions makes it possible to significantly increase the efficiency in their practical implementation.

Many of the B20 recommendations have a multisectoral approach, touching upon the problems of not only individual target groups, but also systemic issues, contributing to building a holistic picture of cooperation

I cannot fail to note that cooperation within the G20 and interaction groups has an impact on the development of Eurasian integration. I consider it promising to use in the Eurasian economic integration the key recommendations and approaches to development proposed within the G20 framework.

The agenda of our work at the G20 and EAEU institutions is closely interconnected. In December last year, the leaders of the EAEU countries adopted the Strategic Directions for Eurasian Economic Integration for the period up to 2025. And in April of this year, an action plan for their implementation was approved. Many areas of cooperation in these documents directly intersect with areas of interaction within the G20 and B20.

Key intersections in relation to the agenda discussed today include such areas of the EAEU’s work as the formation of the digital space of the Union, digital infrastructures and ecosystems; building an effective system for managing joint cooperation projects and financing them, creating and developing highly productive sectors of the economy; development and implementation of significant infrastructure projects; development of flexible mechanisms for targeted assistance to economic development; development of economic cooperation in the field of health care and much more.

It is important for us that Russian business, coordinated by the Russian Union of Industrialists and Entrepreneurs, is actively working in B20. I am sure that many ideas and business proposals will be further developed in the documents of the G20 and the corresponding obligations of its participants. In this regard, I would like to thank the Italian side for organizing quality work and the opportunity to get acquainted with the recommendations before the summit. For the Russian Government, this is of great importance, since the decisions made at the summit of the G20 leaders will be implemented by us.


EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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