G 20 Summit on April 2:

International trade, lifeblood of global economy - ICC chief

International trade is the lifeblood of the global economy and the world needs more of it at this critical moment, not less, said Chairman, International Chamber of Commerce (ICC), Victor K. Fung.

He said this in a letter inviting ICC national committees to participate in the campaign ahead of the G 20 meeting that will take place in London on April 2.

He said with protectionism and economic nationalism threatening to deepen and prolong the current global recession, it is crucial that the G 20 summit in London unequivocally support cross-border trade and investment by reinforcing the multilateral trading system, firmly rejecting protectionist pressures and restoring trade finance to more normal levels.

Fung stressed that the need to "protect" jobs at home is understandable as factories close and unemployment soars: it is important to remember that greater integration of the global economy and increasing cross-border trade and investment have largely contributed to unprecedented levels of economic growth and job creation.

In the process, more than 600 million people have been lifted out of abject poverty during the past three decades.

World trade depends heavily on trade credit, which has all but collapsed during the current financial crisis, effectively throttling the flow of goods. Decisive action by the G 20 is urgently needed to help restore trade credit to more normal levels and get trade flowing again.

Perhaps most importantly, the G 20 Summit on April 2 is an ideal opportunity to show people everywhere that countries can coordinate their national responses to provide an effective way out of the crisis with the minimum of delay and further damage to the world economy, he said.

One way to do this would be for the G 20 leaders to harness the political will to finally conclude the Doha Round of trade negotiations.

Doing so will be a crucial step in restoring badly needed confidence in the faltering international economy, he said.

Fung called upon the G 20 to pave the way by putting the right conditions in place so that all countries may grow and prosper through trade.

Chairman, International Chamber of Commerce, Sri Lanka Tissa Jayaweera who is scheduled to participate in the G 20 in UK said that the ICC represents hundreds of thousands of companies in more than 130 countries and eager to support political leaders in their efforts to restore stability in the global economic system by ensuring that trade remains a powerful engine of growth for the world economy. RK

Highlights

* ICC National committees to participate

* Need to 'protect' jobs at home stressed

* Over 600m people lifted out of abject poverty