ICC chairman links successful Doha Round to rules-based trading system
Saturday, 16 August 2008
Victor K Fung, chairman of the International Chamber of Commerce (ICC), the World Business Organisation, expressed his disappointment over the failure of the WTO Mini-ministerial Meeting held in Geneva recently, said a press release Friday.
In an open letter to the ministers of Trade on August 4, Mr. Fung urged them to continue to work towards the objectives of building a stronger, more inclusive and more dynamic global market economy.
The ICC chairman in his open letter stated that it was difficult to overestimate the disappointment of the world business over the failure of the WTO Ministerial Meeting in Geneva. This is a grave setback to the Doha Round negotiations.
Mr. Fung said there is no alternative to the rules-based multilateral trading system, which would be strengthened by a successful Doha Round. This is especially needed in this very uncertain global economic environment, he added.
He also said it is imperative to ensure that trade remains a key engine of world economic growth and prosperity, particularly for developing economies, which will be the biggest losers if the Doha Round fails.
The ICC chairman also urged upon the trade ministers to provide appropriate leadership in today's challenging world environment and requested them to take bold and courageous steps to address and resolve the real issues confronting global trade and the threats facing the global economy.
In an open letter to the ministers of Trade on August 4, Mr. Fung urged them to continue to work towards the objectives of building a stronger, more inclusive and more dynamic global market economy.
The ICC chairman in his open letter stated that it was difficult to overestimate the disappointment of the world business over the failure of the WTO Ministerial Meeting in Geneva. This is a grave setback to the Doha Round negotiations.
Mr. Fung said there is no alternative to the rules-based multilateral trading system, which would be strengthened by a successful Doha Round. This is especially needed in this very uncertain global economic environment, he added.
He also said it is imperative to ensure that trade remains a key engine of world economic growth and prosperity, particularly for developing economies, which will be the biggest losers if the Doha Round fails.
The ICC chairman also urged upon the trade ministers to provide appropriate leadership in today's challenging world environment and requested them to take bold and courageous steps to address and resolve the real issues confronting global trade and the threats facing the global economy.