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G20 needs more efforts to resist protectionism, boost investment: report

11-01-2012 08:07 BJT

PARIS, Oct. 31 (Xinhua) -- World Trade Organization (WTO) and two other main international economic organizations on Wednesday urged G20 governments to put more efforts to resist protectionism and called for more investment to create new jobs and achieve sustainable global economic recovery.

In their eighth report released Wednesday to the G20, the WTO, the Organization for Economic Co-operation and Development (OECD) and the United NationsConference on Trade and Development (UNCTAD) said strengthened multilateral co-operation was needed, and asked the G20 countries to show leadership in keeping their markets open.

"The temptation towards protectionism is as strong today as ever with the crisis continuing to undermine our economies," said OECD Secretary-General Angel Gurria.

He said G20 leaders had an essential role to play in revitalizing the multilateral trade and investment system. "Now more than ever governments must hold firm on their commitments to open and transparent investment," Gurria confirmed.

The report found that persistent high unemployment, turbulence in financial markets and a weak economic recovery put intense pressure on governments to grant assistance to individual domestic companies and to preserve jobs.

The organizations urged G20 governments not to succumb to these pressures.

They also called on G20 members to redouble efforts to keep their markets open, maintain a supportive business environment for investors, and find ways to stimulate global economic growth.

The reports came at a time of continuous economic difficulties, while trade frictions seem to be increasing. Difficulties and concerns generated by the persistence of the global economic crisis fueled the political and economic pressures put on governments to raise trade barriers, according to the report.

G20 leaders have committed to resist protectionism and promote global trade and investment since 2008. They mandated the WTO, the OECD and the UNCTAD to report publicly on countries' adherence to their commitments.

 

Editor:James |Source: Xinhua

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