Seoul and New York, November 12, 2010 – The International Chamber of Commerce (ICC) welcomed the commitment of the Seoul G20 Summit to complete the Doha Round of global trade talks by the end of 2011, and to take other measures to ensure that trade can make a meaningful contribution to the global economic recovery and job creation.
“The Doha Round can be an inexpensive and effective stimulus package for the world economy, and can create the necessary conditions for realizing the G20’s objective of strong, sustainable and balanced growth,” said ICC Chairman Rajat K Gupta.
“ICC appreciates the recognition by the G20 of the importance of private sector-led growth and job creation, and believes that completing the Doha Round will make a significant contribution to this end,” Mr. Gupta added in a statement released by ICC’s American affiliate, the United States Council for International Business (USCIB).
ICC is the largest, most representative business organization in the world. Its hundreds of thousands of member companies in over 120 countries have interests spanning every sector of private enterprise. Prior to the G20 Summit, ICC helped organize the G20 Business Summit, where over 100 top executives from around the world put forward their recommendations for G20 action.
USCIB Chairman Harold McGraw III, chairman, president and CEO of The McGraw-Hill Companies, took part in the business summit. For a consolidated listing of G20-related statements and actions from USCIB and its global network, please click here.
It appears that the G20 has set a target “to complete the end game” of the Doha Round in 2011. ICC said it agreed that “2011 is a critical window of opportunity” and called on G20 leaders to make a personal commitment to realizing this objective, as some leaders have already done.
ICC said it was encouraged by the G20’s rejection of unilateral action in favor of multilateral cooperation to address excessive trade imbalances, including through the development of indicative guidelines by the International Monetary Fund (IMF) to be applied starting in 2011.
The world business body urged G20 leaders to recognize that, in the context of improving regulation of the financial sector, it is particularly important to develop regulatory measures that will not be detrimental to global trade finance, or to developing economies where trade finance is much needed.
ICC said it joins the G20 leaders in looking forward to continuing G20 Business Summits and their input into the G20 policy agenda. “ICC’s participation in the Seoul G20 Business Summit has reinforced its view that an official and permanent mechanism is needed to maintain the dialogue between business and the G20 at and in between summits,” said ICC Secretary General Jean-Guy Carrier.
Click here to read the full text of the ICC G20 statement.
USCIB promotes open markets, competitiveness and innovation, sustainable development and corporate responsibility, supported by international engagement and prudent regulation. Its members include top U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. With a unique global network encompassing leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More at www.uscib.org.
Alba Rooney, ICC
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Jonathan Huneke, USCIB
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