Head of Leading Industry Group Applauds President’s Statement on Open Economies

USCIB Chairman William G. Parrett speaking at the G-8 Business Summit in Berlin (Photo: BDI).
USCIB Chairman William G. Parrett speaking at the G-8 Business Summit in Berlin (Photo: BDI).

New York, May 10, 2007 – The chairman of the United States Council for International Business, William G. Parrett, applauded President Bush’s reaffirmation today of an open-door policy toward foreign investment in the United States and his encouragement that other nations follow this approach.

President Bush today issued a ringing endorsement of open markets worldwide, urging other nations “to join us in supporting an open investment policy and protecting international investments.”

Mr. Parrett, chief executive officer of Deloitte, welcomed the administration’s statement, calling it an important signal to markets and U.S. trading partners. “This is the first time in some 15 years that the U.S. has made such a high-level reaffirmation of the importance of open markets,” he said.  “Business sees U.S. government leadership as critical to preserving open markets, and I applaud the President’s commitment announced today.”

At last month’s first-ever G-8 business summit in Berlin, Mr. Parrett joined the heads of business federations from the other G-8 nations in appealing to governments to avoid recourse to investment protectionism.

“Governments need to take action at the highest level to avoid investment protectionism if we want to encourage the free flow and benefits of international investment,” Mr. Parrett said at the April business summit.  “They need to affirm, in word and practice, their commitment to open, cross-border investment.”

The business community has seen worrisome signs that the pendulum is swinging away from open markets in many countries.  Mr. Parrett said, “U.S. business recognized that the world had changed dramatically since 9/11 and that governments must pay more attention to national security issues, but a legitimate concern for national security needs to be considered alongside the benefits of allowing foreign investment.”

The United States Council for International Business promotes an open system of global commerce in which business can flourish and contribute to economic growth, human welfare and protection of the environment.  Its membership includes more than 300 leading U.S. companies, professional services firms and associations whose combined annual revenues exceed $3.5 trillion.  As the American affiliate of several leading global business groups, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade.  More information is available at www.uscib.org.

Jonathan Huneke
, VP Communications, USCIB
Tel: +1 212 703 5043 or +1 917 420 0039 (mobile)
E-mail: jhuneke@uscib.org

Madonna Jarrett, Director, DTT Public Relations and CEO Communications
Tel: +1 212 492 3738 or +1 646 388 2335 (mobile)
Email: mjarrett@deloitte.com

President Bush’s statement on open economies (White House website)

G-8 Business Declaration: Joint Statement of the G-8 Business Organizations (PDF file, 1.8 MB)

More on USCIB’s Trade and Investment Committee

Deloitte website

Staff Contact:   Kira Yevtukhova

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Kira Yevtukhova manages USCIB’s print and online publications, including the website, e-newsletter and quarterly magazine, and serves as the organization’s digital media strategist. Prior to this role, Kira worked for over five years within USCIB’s Policy Department, focusing on climate change, environment, nutrition, health, and chemicals related policy issues. She is a graduate of Mount Holyoke College and has an MBA from Georgetown University’s McDonough School of Business.
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