The leaders of the eight leading industrialized countries called for open markets and rejection of protectionism as keys to recovery from the global recession. They also endorsed conclusion in 2010 of the World Trade Organization's Doha Development Round of multilateral free trade negotiations, which have repeatedly been derailed by disputes over agricultural subsidies and other issues.
'The (ICC) welcomes the pledge by leaders of the G8 countries to conclude the Doha Round of trade negotiations in 2010,' the ICC said in a statement. 'However, the G8 has set many deadlines for these negotiations in the past which have not been met. International business hopes that after so many years of failure governments may now be on the verge of rapid, concrete, and determined action to reach an ambitious agreement.
The ICC said it is encouraged by instructions given to trade ministers to meet before the G20 summit in Pittsburgh in September.
'We hope this will be more than a stock-taking exercise and will make a decisive contribution towards the conclusion of the negotiations,' the international chamber said. 'Despite the difficulties in reaching agreement on Doha, considerable progress has been made on the negotiations, with many hard-won trade-enhancing offers already agreed to. These achievements must not be lost. A successfully concluded Doha Round is the strongest possible signal governments can give that they will not submit to economic nationalism, which will only result in a longer, deeper recession.' ' Eric Johnson
