- CNTV English - CCTV News

Homepage > News > Biz >

Business leaders, G20 State heads warn against trade protectionism

11-12-2010 08:44 BJT Special Report:5th G20 Summit in Seoul |

SEOUL, Nov. 11 (Xinhua) -- Multinational leaders and heads of G20 economies on Thursday called on the G20 and the entire world to keep trade moving and shun protectionism at the Business Summit, a prelude to the G20 Seoul Summit.

Leaders of the world's major countries, including the U.S., China, Japan, Britain, Russia, Brazil and Germany, were gathering in Seoul for a key summit, which started late Thursday.

Collectively, the G-20 economies comprise 85 percent of global gross national product and 80 percent of world trade, including EU intra-trade.

The 2-day business summit had brought together the heads of some 120 of the world's leading companies from 34 developed and developing countries, with combined total sales of over 4 trillion U.S. dollars annually.

Hong Kong-based Li & Fung Group Chairman Victor Fung, who convened a roundtable session under the theme of "Trade & Investment", said trade was the lifeblood of the global economy and the world needed more of it at this critical moment, not less.

"We need to move the trade agenda forward, need to complete the Doha Round by 2011. And over the Doha Round, all technical issues have been largely resolved. All that is needed now is political will. The real danger is growing protectionism," Fung told the press conference after the end of the business summit.

"Global trade is essential to ensure that the world's economic growth potential is realized," said a joint statement issued after the business summit.

According to a working report produced by Fung and other corporate leaders at the Business Summit, the World Trade Organization recently raised its forecast for trade growth in 2010 to 13.5 percent, based on strong demand for goods and services, particularly from developing countries.

Following a drop of 12 percent in trade volumes in 2009, this was encouraging and could support the global economic recovery, the report said.

German Chancellor Angela Merkel told a luncheon for the 120 corporate leaders that it was most important that G20 countries didn't resort to protectionism measures despite current account imbalances.

"We think free world trade is all to be in the focus of market players... The current account balances, in the market economic system, are very hard to be influenced by the states. It is not just as you could give instructions to the player in the market," she said.

"What's most important is that we do not resort to protectionism measures. I think in this crisis, we have proven that we can do a lot of things better before," she said through an interpreter.

"We should make sure not to go to protectionism measures. Rather we should continue to pursue the Doha Round and its conclusions... This summit is to give a very clear message and support to the conclusion of the Doha Round," she added.

Japanese Prime Minister Naoto Kan told the "Trade & Investment" roundtable session that strong and sustained economic growth required growth in trade, as was proved by the East Asian recovery from the global financial crisis.

The world economy has avoided repeating lessons of the 1930s to recover from the trade dip in 2009, but it is seeing new barriers to trade, for example some protectionism, some restrictions on exports, he said.

Kan promised that at the upcoming APEC leaders' summit, leaders would support further opening of trade in Asia to support liberalization on a global, multilateral basis, and Japan would strive to show leadership in opening itself up more to the outside.

British Prime Minister David Cameron also called on the G20 countries to keep the world trade open and shun protectionism.

"It's in our interest to keep world trade moving, to keep those trade barriers down. That's our interest at the G20 and we will pursue it very very vigorously," Cameron said at the closing plenary session of the business summit.

"The fear we should all have is a return to what happened in the 1930s -- protectionism, trade barriers, currency wars, countries pursuing beggar my neighbor policies -- trying to do well for themselves but not caring about the rest of the world," he said.

"Stopping protectionism in its tracks and making sure we keep trade open," said the British Prime Minister.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program