This is ABN AMRO`s third integrated annual report using the IIRC framework. Where possible, the data is displayed in context. ABN AMRO is committed to ensuring continuity of relationships and facilitates comparability with other companies using the same framework. ABN AMRO, FNV and UNI Global Union have signed an International Framework Agreement (IFA) to strengthen social dialogue with trade unions. The agreement confirms that the bank and trade unions are carrying out responsible and sustainable business activities. As part of the agreement, the Bank is committed to respecting the fundamental principles and rights of the International Labour Organization, including the freedom to belong to a trade union. Slowing manufacturing and growing political uncertainty. Global growth was estimated at 2.9% in 2019, up from 3.5% the previous year. Meanwhile, world trade has experienced zero growth as a result of the current dispute between the United States and China.
In the Netherlands, the primary market of ABN AMRO, the economy has been resilient. In 2019, domestic demand has become the main driver of growth due to the slowdown in international trade. Private consumption, public spending and investment have all contributed to GDP growth. During the year, growth in the Netherlands was less than 1.7%, but remains above the euro area average of 1.2%. Other markets where ABN AMRO is active – Belgium, France, Germany and the United States – have also experienced lower growth than in 2018. During the year, growing political insecurity has influenced the world As far as politics is concerned, we have a declaration of human rights based on international conventions; These include OECD guidelines and requirements under the Protection, Respect and Reparation Framework, which is part of the UN`s economic and human rights guidelines. We work in accordance with these conventions. The Dutch agreement on the banking sector also defines the responsibility of banks for human rights. We are currently working on two areas from our work with the agreement over the past three years: ensuring access to remedial measures for victims of human rights violations and the effectiveness of customer complaint mechanisms. FNV President Ton Heerts, Carla Kiburg, FnV Chief Financial Officer, and World Union Secretary General Philip Jennings signed the agreement on behalf of the unions.