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Government calls International business talks on Global recovery

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Issued Date: 05 Mar 2009

Business Secretary Peter Mandelson will bring together business leaders from the world's advanced and emerging economies to map out the challenges to international business on the path to recovery.

At a G20 Business Conference in Downing Street later this month, the Business Secretary will seek to gauge how the interventions by international governments in the downturn are impacting on global business, and set out a clear agenda to overcome the remaining obstacles to trade.

Announcing the Conference today, Lord Mandelson said:

"The global banking crisis that has buffeted businesses around the globe won't be reversed without a coordinated international plan of action.

"The reality is that we now live in a globalised world, where the smallest family run business in Britain can feel the impacts of decisions made by corporations and governments across the globe.

"That's why we need to work together, to be realistic about the global challenges that exist for business and face them head on. Only with a clear agenda for recovery will our businesses emerge stronger and as a result ready to take on the environmental and economic challenges of the 21st century world."

Business representatives from across the world's advanced and emerging economies, including the G20, have been invited to attend the Conference, which is being held in partnership with the Confederation of British Industry (CBI) on Wednesday March 18.

Martin Broughton, President of the CBI, said:

"This summit will provide a genuine forum for open and honest debate and for a wide variety of views to be aired on the key challenges impacting on day-to-day business operations around the world.

"At the top of the agenda will be issues, such as protectionism and trade finance, and how to create the conditions that are needed for global business to prosper in the future.

"We look forward to welcoming our international counterparts to this summit and ensuring that together we can help shape and inform the G20's agenda in April."

Prime Minister Gordon Brown, who will attend the later stages of the conference, will formally feed in the points raised into the London Summit of G20 leaders on April 2nd.

The Conference is intended to be a genuine listening process, but the agenda is expected to consider:

* The possibility of strengthening the nature of the G20 commitment to reject protectionism, previously outlined in Washington

* The Government interventions that have been effective in advanced and emerging countries

* The obstacles to agreement on the World Trade Organisation's Doha Development Agenda

* The decline in availability and increasing cost of trade finance

Notes

1. The G20 Business Conference will be held at Number Ten, Downing Street on March 18th and will be closed to the media. A photo call will be arranged on the morning of the Conference.

2. Attending will be business representatives from states including the United Kingdom, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Korea, Mexico, The Netherlands, Russia, Turkey, Spain and the United States of America.

3. At the Washington summit G20 leaders undertook "to strive to reach agreement [in 2008] on modalities that leads to a successful conclusion to the WTO's Doha Development Agenda with an ambitious and balanced outcome" and "to refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing WTO-inconsistent measures to stimulate exports". The APEC Ministerial made a similar commitment.

4. While it has not so far proved possible to achieve the necessary progress on the Doha negotiations, Pascal Lamy reported in late January that the standstill agreements had been largely respected, with only a few examples of trade-distorting or limiting measures observed.

5. 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 2009-03-07 13:04:05 in Business Articles

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