The International Chamber of Commerce (ICC) criticised leaders of the 20 leading industrail nations also calledÂ G20 to for lacklustre commitment to the conclusion of the Doha Round of trade negotiations.
ICC is the largest andÂ 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.
AÂ statement issued by the ChamberÂ this week in reaction to the outcome of the recentÂ G20 summit, said, â€œThere is much to applaud in the communiquÃ© from the Pittsburgh G20 Summit pledging to revive global trade, reject protectionism, boost trade finance, and refrain from imposing new barriers to investment on trade in goods and services.
The International Chamber of Commerce (ICC) warmly welcomes the decision to make the G20 the primary forum for international economic cooperation. With member countries representing 90% of global gross national product, the G20 reflects the new distribution of economic power in todayâ€™s world.
On the fundamental issue of the Doha Round of trade negotiations, however, ICC is disappointed that the G20 leaders did no more than repeat their previous incantations calling for an â€œambitious and balanced conclusion.â€ Given the progress that has already been made, we are discouraged that the G20 leaders did not commit themselves to an earlier target for the conclusion of the talks than the end of 2010.
â€œThe G20 leaders said all the right things about keeping markets open, resisting protectionist pressures, boosting trade finance and tackling climate change,â€ said Jean Rozwadowski, ICC Secretary General. â€œHowever, they need to spend more political capital to push for a quick conclusion of the Doha Round. An agreement would send a shock of confidence to governments and businesses around the world, increasing the momentum towards restoring worldwide economic growth.â€
Despite the vagueness on Doha, the G20 Summit overall took numerous steps in the right direction. These include the commitment to carefully plan and coordinate an exit strategy from the massive stimulus packages in the interest of fiscal responsibility. This last point is essential if the world is to avoid growing inflation and runaway public sector deficits.
We also welcome the expressed will to reach agreement on a climate change protocol in Copenhagen this December. On this crucial issue, ICC continues to stress that business needs a clear, predictable framework to stimulate investment in technologies that will enable a transition to a low carbon economy.
The commitment to reform the mission and governance of the International Monetary Fund, following the increase of funds made available to the institution after the G20 summit in London, is also commendable.
â€œICC welcomes the stronger global governance and leadership shown by the G20 and looks forward to increasing cooperation among the worldâ€™s major economies, which is vital to resolving the major challenges facing mankind today,â€ Mr Rozwadowski said. â€œICC will continue to provide business input into the deliberations of the G20, building on its contributions during the past year.â€