The Banking Executive, Issue 155, November 2021

2021 G20 Rome Summit quality infrastructure investments in the recovery phase. We ac- knowledge that resilient, prop- erly funded, well maintained and optimally managed systems are essential to preserve infrastruc- ture assets over their life-cycles, minimising loss and disruption, and securing the provision of safe, reliable and high-quality in- frastructure services. To this end, we endorse the G20 Policy Agenda on Infrastructure Mainte- nance. In line with the G20 Roadmap for Infrastructure as an Asset Class, and building on the G20 Infrastructure Investors Dia- logue, we will continue, in a flexible manner, to develop fur- ther the collaboration between the public and private investors to mobilise private capital. We underline the importance of pro- moting knowledge sharing be- tween local authorities and national governments to foster more inclusive infrastructure. We will continue to advance the work related to the G20 Princi- ples for Quality Infrastructure In- vestment. We agree to extend the Global Infrastructure Hub man- date until the end of 2024. 45. Productivity. Digital transforma- tion has the potential of boosting productivity, strengthening the recovery and contributing to broad-based and shared prosper- ity. We endorse the G20 Menu of Policy Options – Digital Transfor- mation and Productivity Recov- ery, which provides policy options, shares good practices, promotes inclusion and sheds light on the key role of interna- tional cooperation to make use of the growth opportunities of digitalization. Drawing on the Menu we will continue dis- cussing policies to sustain pro- ductivity growth, and to help ensure that the benefits are evenly shared within and across countries and sectors. We recog- nise the importance of good cor- porate governance frameworks and well-functioning capital markets to support the recovery, and look forward to the review of the G20/OECD Principles of Corporate Governance. 46. Digital economy, higher educa- tion and research. We recognize the role of technology and inno- vation as key enablers for the global recovery and sustainable development. We recognize the importance of policies to create an enabling, inclusive, open, fair and non-discriminatory digital economy that fosters the applica- tion of new technologies, allows businesses and entrepreneurs to thrive, and protects and empow- ers consumers, while addressing the challenges related to privacy, data protection, intellectual property rights, and security. Mindful of the need to support a better inclusion of MSMEs in the digital economy, we commit to reinforce our actions and inter- national cooperation towards the digital transformation of produc- tion, processes, services and business models, also through the use of consensus-based inter- national standards and the im- provement of consumer protection, digital skills and liter- acy. We welcome the results of the G20 Innovation League, as a platform through which multi- lateral endeavors can boost partnerships, collaboration, co- creation, and private investments in technologies and applications benefitting humankind, high- lighting how trade and digital policies can help strengthen the competitiveness of MSMEs in global markets and address the particular challenges they face. We have also begun to address the application of distributed ledger technologies such as blockchain networks to protect consumers through increased traceability. We recognize the growing role that Information and Communication Technolo- gies play in our societies. In this context, we emphasize the need to address the increased security challenges in the digital environ- ment, including from ran- somware and other forms of cyber crime. With this in mind, we will work to strengthen bilat- eral and multilateral cooperation to secure our ICT, address shared vulnerabilities and threats, and combat cyber crime. 47. Well aware of the benefits stem- ming from the responsible use and development of trustworthy human-centered Artificial Intelli- gence (AI), we will advance the implementation of the G20 AI Principles, while considering the specific needs of MSMEs and start-ups to encourage competi- tion and innovation, as well as diversity and inclusion, and the importance of international co- operation to promote research, development and application of AI. We welcome the G20 Policy Examples on How to Enhance the Adoption of AI by MSMEs and Start-ups. 48. We acknowledge the importance of data free flow with trust and cross-border data flows. We reaf- firm the role of data for develop- ment. We will continue to work on addressing challenges such as those related to privacy, data protection, security and intellec- tual property rights, in accor- dance with the relevant applicable legal frameworks. We will also continue to further common understanding and to work towards identifying com- monalities, complementarities and elements of convergence be- tween existing regulatory ap- proaches and instruments enabling data to flow with trust, in order to foster future interop- erability. Recognizing the re- sponsibility of digital service providers, we will work in 2022 towards enhancing confidence in the digital environment by im- proving internet safety and coun- ISSUE 155 NOVEMBER 2021 the BANKING EXECUTIVE 49