Global Solutions Summit 2023: Transforming Global Value Chains

Transforming Global Value Chains: Good Jobs, Sustainability and Gains from Trade Rapid globalization, characterized by a proliferation of global value chains, has produced huge economic gains through cost savings, but it has come at the cost of social cohesion and environmental health. The rapid abandonment of production locations is harmful for communities and individuals, destroying human and social capital. This is true for the communities from which production is offshored, but also for the communities to which it is transferred: work conditions are often inhumane and labor protection insufficient. Environmental impacts are also present. Emissions produced by trading activities are substantial, and environmental protection policies and carbon prices can also be evaded through global value chains. This session starts from the premise that globalization is not an end in itself, but rather a means towards the promotion of wellbeing in thriving communities. How can the G20 and G7 promote policies that encourage socially, economically, and environmentally beneficial trade and international investment? How to implement the systemic change needed for job creation and sustainable trade that supports communities and the environment. It also looks at the role of the G7 and G20 in promoting and financing sustainable and socially acceptable trade.