International groups call on G20 to free up trade

0 CommentsPrint E-mail Xinhua, November 12, 2010
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Open trade complemented by well-designed domestic policies can effectively sustain global growth in long run, according to a joint report drafted by several international economic organizations and released Friday.

The report, "Seizing the Benefits of Trade for Employment and Growth" is targeted at the Seoul G20 summit and prepared by the Paris-based Organization for Economic Cooperation and Development (OECD), the International Labor Organization, the World Bank and the World Trade Organization.

A statement from the OECD daid the report demonstrated "more open trade for goods and services can provide a stimulus for the world economy".

With the fragile global recovery and high unemployment, especially in advanced countries, signs of protectionism had emerged and threatened trade, the report said.

The organizations therefore underlined the importance of progress in the Doha Development Agenda in the report.

"A successful conclusion" to DDA "would send a positive signal that governments continue to oppose protectionism and seek new oppotunities for growth," the OECD said.

However, to secure the fruit of widespread free trade, governments shoud design domestic policies to address their internal problems, increase jobs, strengthen social welfare, advance education quality and enhance export sectors, according to the report.

"An open market frees countries from the constraints of their local economies, promotes greater efficiency," while comlementary policies could ensure consequent "growth and jobs on a sustained basis," the statement said.

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