GENEVA :ICC has welcomed a statement from G20 Ministers recognizing the need to step up efforts to mitigate risks and enhance confidence in international trade at what they describe as ‘a critical juncture for international trade and investment cooperation.’
Supporting the Ministers’ calls for G20 leaders to continue working collaboratively with other interested parties to ensure that the World Trade Organization (WTO) continues to be relevant, ICC Secretary General John W.H. Denton said:
‘The International Chamber of Commerce (ICC) commends the G20 Trade Ministers’ call to ‘[…] step up dialogue and actions to mitigate risks and enhance confidence in international trade.’ Particularly at a time of escalating trade conflicts, we urge G20 leaders to listen to the users of the rules-based multilateral system – the millions of businesses that trade every day, driving growth and generating jobs worldwide.’
ICC is already fostering a dialogue around a reformed multilateral trading system, through a second track initiative that builds on what has worked well over the past 70 years, identifies what needs preserving, addresses areas that must be improved and equips the WTO with the tools needed to ensure it is fit for purpose to tackle the new challenges and disruptions of the 21st century.
The platform, to launch officially next month, will host live debates among businesses, think tanks, and multilateral organisations, to formulate concrete the recommendations to feed into the intergovernmental first track process.
Speaking on behalf of over 45 million companies employing more than 1 billion workers worldwide, Mr Denton said: ‘ICC is doing its part to make international trade and business work for everyone, every day, everywhere. With political will and strong leadership from G20 leaders and other governments, we can deliver on the overall objective of more fair and sustainable development.’
ICC applauds the commitment of G20 trade ministers to step up dialogue on current international trade developments and supports yesterday’s call on G20 Leaders to address trade issues further at the upcoming G20 Summit starting on 30 November in Buenos Aires.