The International Chamber of Commerce (ICC), USCIB’s affiliate, strongly supports a call from the World Trade Organization (WTO) for a breakthrough in the Doha Round of talks in April if these crucial negotiations for lowering trade barriers are to be concluded this year.
ICC, following a recent statement by WTO Director General Pascal Lamy on an upcoming deadline for Doha talks, stresses that international trade is critical to restoring the health of the global economy.
Concluding the Doha Round after 10 years of deadlocked negotiations would strengthen confidence in the multilateral trading system, stimulate the global economy, create employment opportunities, and contribute to mitigating the effects of climate change.
“Achieving this is more crucial than ever in the context of a global downturn that came on the heels of the economic crisis,” said ICC Chairman Gerard Worms. “In the long run, bringing the Doha Round to a successful conclusion will create more jobs by improving the global economy.”
ICC has long held that failure to conclude the Doha Round will undermine the multilateral system built by the international community over the past 70 years. This system underpins the promise of peace and prosperity that lies within the reach of developing countries if trade barriers are brought down.
Completing the Doha Round would provide the world with a debt-free stimulus package, thereby helping to sustain balanced economic growth across both poorer and rich countries. If current proposals were put into effect, it is predicted that global GDP would grow by US$280 billion annually.
Not implementing Doha would let an ongoing tide of protectionist measures further thwart an opportunity for growth. Despite commitments from G20 countries to avoid new trade barriers, the threat of protectionism has become worse since the economic crisis.
Click here to read more on ICC’s website.
Staff contact: Rob Mulligan