Strengthening multilateral trading system, ICC's key focus

Follow-up G20 Summit in September:

Ramani KANGARAARCHCHI

The International Chamber of Commerce (ICCs) key message at the G20 Summit held in London recently focused on strengthening the multilateral trading system, resisting protectionism and increasing the availability of trade finance.

The ICC also stressed the need for an early conclusion of the Doha Round which would help restore confidence around the world, said Chairman, ICC Sri Lanka Tissa Jayaweera.

He said that the ICC unleashed a strategic, coordinated and multi-level campaign in an effort to highlight the importance of trade in the global economy and to make a significant impact on the G20 Summit.

He said that the General Secretary ICC, Guy Sebban had informed him that the ICC hopes to schedule another summit in September this year which will ensure the follow up to the decisions taken in London.

The General Secretary said that the action taken by the Summit to address key trade issues were very positive and the G20 countries agreed to tackle the issues through multilateral institutions, thereby acknowledging that global problems require global solutions.

In the process, the G20 moved closer towards becoming a formal institution that represents the reality of the new world economic order. Sebban had said that while the G20 promised to conclude the Doha Round, the pledge to fight protectionism in all its forms, and the public support for the monitoring system established by the World Trade Organization to publicize violations were most welcome, the ICC must remain vigilant in its advocacy work to help encourage leaders to take action.

The G20 campaign has been an excellent occasion for the ICC to be recognized as the voice of global business and to promote its mission and brand. He hoped that the ICC will remain the leading voice of international business.