LEIZ Director, Prof Josef Wieland, co-lead of the T20 Working Group on Trade and Investment: Sustainability in Global Value Chains and Isabel Jandeisek, LEIZ-Researcher, are among the authors of the recently published Policy Brief Fostering the Sustainability of Global Value Chains. The Policy Briefs contain recommendations within policy areas that are of interest to G20 policy makers.
Based on the initiative of the T20 engagement group, the G20 insights platform offers all the policy proposals to the G20.
In their article, the authors adress problems of the current world economy, which is increasingly embedded in Global Value Chains (GVCs). Today, the rising significance of GVCs increases the importance of sustainable governance structures for social and human rights due diligence. To encourage the private sector in enhancing inclusive, socially and environmentally sustainable trade and investment activities, the provision of applicable guidelines for daily business operations is strongly recommended.
Therefore, the main proposals are to (i) measure and set targets for the manifold contributions of GVCs to the global economy, (ii) commit to standards for the mitigation of economic disruption and sudden change, and (iii) set up a Global Pact for Sustainable Trade that sets a social and environmental agenda for the three other policy proposals, underlining the significance of the globally agreed 2030 Agenda for Sustainable Development.
International forums could help in defining and/or harmonizing as well as promoting sustainability standards at the international level and/or upscale existing ones such as the UN Forum on Sustainability Standards. In this context, the development of common approaches to define international sustainability standard setting practices, is strongly needed.
For reading and download option of the policy brief click here:
For more information on the Think 20 Dialogue, see: http://t20germany.org/