Trade leaders have pledged to revive global trade, reject protectionism, boost trade finance and refrain from imposing new barriers - but failed to prevent the continued stalling of the Doha Round trade negotiations.
The International Chamber of Commerce (ICC) expressed disappointment that leaders at the Pittsburgh G20 Summit did no more than repeat their previous incantations calling for an “ambitious and balanced conclusion” to the Doha Round of trade negotiations.
Given the slow progress that has already been made, the ICC was discouraged to find the G20 leaders did not commit themselves to an earlier target for the conclusion of the talks than the end of 2010.
Jean Rozwadowski, ICC secretary general, said: “The G20 leaders said all the right things about keeping markets open, resisting protectionist pressures, boosting trade finance and tackling climate change.
“However, 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.”
Despite the difficulties on Doha, the G20 Summit saw leaders make progress in carefully plan and co-ordinating an exit strategy from current massive stimulus packages in the interest of fiscal responsibility thus avoiding growing inflation and runaway public sector deficits.
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, was also commended by the ICC.
Rozwadowski said: “ICC welcomes the stronger global governance and leadership shown by the G20 and looks forward to increasing co-operation among the world’s major economies, which is vital to resolving the major challenges facing mankind today. ICC will continue to provide business input into the deliberations of the G20, building on its contributions during the past year.”