Extraterritoriality is thwarting global commerce, ICC warns
A disturbing threat to cross-border trade and investment is gathering momentum as countries are increasingly applying their laws and regulations to business conduct occurring outside their national territory.
Since the suspension of the World Trade Organization’s Doha trade round in July, Mr Wallenberg has been pressing political leaders to become more actively involved in re-launching the talks and bringing them to a successful conclusion.
“India believes very much in the Doha round, but India will not take the first step – we are waiting for the EU and the Americans to make some concessions,” Mr Singh said. “We must remember that this is development round.”
Speaking on behalf of companies worldwide, Mr Wallenberg emphasized that the rules-based, multilateral trading system provides by far the best conditions for both business and the global economy to thrive.
“We must not let this round fail,” Mr Wallenberg said. “There is far too much to lose.”
Earlier in the day, Mr Wallenberg met with Indian Minister for Commerce and Industry Kamal Nath, who was heading to the WTO headquarters in Geneva to participate in talks aimed at kick-starting the Doha round.
Mr Wallenberg was accompanied by President of ICC India and Chairman of YKM Holdings Group Y.K. Modi, Chairman of JK Holding Group of Companies and former ICC Chairman Hari Shankar Singhania, ICC Secretary General Guy Sebban, Senior Vice-President of SEB Erik Belfrage and Executive Director of ICC India Ashok Ummat.