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Business leaders from G20 countries meeting UK Ministers before London Summit on April 2nd

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Issued Date: 18 Mar 2009.

Business leaders from G20 countries around the world have been meeting UK Government Ministers ahead of the London Summit on April 2nd.

We had a useful and constructive discussion and urged the G20 to achieve three things:

1. Urgently renew the commitment to conclude the WTO Round.

This is the best insurance policy the international community has against a retreat to protectionism; a successful Doha Round alone would insure against protectionist pressures that could cost the global economy as much as $170bn a year.

2. To increase the supply of trade finance.

International and government institutions need to step in to substitute private flows of trade finance which have been drying up. If left unchecked, this could restrain many hundreds of billions of dollars of global trade over the next two years.

3. To pursue the need for anti-protectionism across the globe.

While demand is a factor, protectionism could be playing a part in the fall in trade. We therefore call on G20 to reconfirm and strengthen their commitment not to bring in protectionist measures, reconfirming the outcomes of the Washington summit, but focussing also on non tariff measures such as subsidies, anti dumping action and licencing restrictions. We also agreed it was important to make sure that the monitoring of adherence to these commitments has realty.

As the London Summit draws near, we believe that the response of the G20 leaders must be decisive and wide-ranging, in the interests of our long-term prosperity.

Notes 

1. The statement was issued following a G20 Business Conference at Number Ten, Downing Street on March 18th. The conference was hosted by Prime Minister Gordon Brown, Business Secretary Lord Mandelson, Skills Secretary John Denham, Shriti Vadera, Mervyn Davies, Gareth Thomas, Ian Pearson, and Lord Malloch-Brown.

2. Attending the conference were business representatives from the United Kingdom, Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, The Netherlands, Russia, South Africa, Turkey, Spain and the United States of America.

3. The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce. With offices across the UK as well as in Brussels, Washington and Beijing, the CBI coordinates British business representation around the world.


About the Author

Crown Copyright. Material taken from the BERR- Department for Business, Enterprise and Regulatory Reform replacing DTI - Department for Trade and Industry. Reproduced under the terms and conditions of the Click-Use Licence.


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Article Published/Sorted/Amended on Scopulus 2009-03-19 10:28:01 in Economic Articles

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