G20 Summit 2024: implications for UK companies and investors

Insight

28.11.2024

The recent G20 Summit in Brazil brought together the 19 countries and the largest global economies, collectively representing 85% of global GDP and 75% of all trade, marking a significant moment for global economic policy. For the UK Government it was an opportunity to position the UK as global platform to foster international partnerships and drive economic growth.

The purpose of Sir Keir Starmer’s presence at the summit was to strengthen ties with major global economies through a strategy of pragmatic cooperation, to enhance trade opportunities and secure investments into the UK, which is ultimately intended to create jobs and stimulate growth in the UK[1]. This included the Prime Minister's engagement with leaders like President Xi Jinping of China and the development of the trading relationship with Brazil, the host country and a key economic player in Latin America (with bilateral trade between the UK and Brazil valued at £11.2 billion last year).

For UK companies and investors, the British Foreign Policy Group highlights the summit's focus on advancing energy transition, sustainable development and global governance reform[2]. This shift is intended to drive innovation and investment in green technologies, benefiting companies involved in renewable energy and sustainable solutions.

However, the summit also highlighted the ongoing geopolitical tensions, particularly in relation to Ukraine. The UK's call for increased support for Ukraine amidst its conflict with Russia underscores the complex international landscape that businesses must navigate, and companies and investors will need to continue to manage risks associated with the ongoing geopolitical events.

[1] Prime Minister to drive forward UK growth as he meets world's leading economic powers at G20 - GOV.UK

[2] https://bfpg.co.uk/2024/11/brazils-g20-presidency-bridging-global-north-south-relations/

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