ICC response to G20 Finance Ministers communiqué

John Danilovich, ICC Secretary General, said:

“We continue to face the challenge of global growth being too low and benefiting too few. This is the defining economic test of our times—and we urge all G20 economies to take concerted and urgent action to enable inclusive growth.

“A retreat into protectionism would be the wrong response to this challenge. Trade and globalisation are complex processes but at their heart are some simple truths. Trade means more choice for consumers. It means lower prices, so the money in your pocket goes further. Companies that trade are more competitive—and create more and better paid jobs. That’s why trade matters if we’re to deliver the increases in prosperity and reductions in inequality that G20 Finance Ministers rightly committed to realise this weekend.

“The global business community is naturally concerned by any weakening of the G20’s decade-long stance on resisting protectionism. We remain encouraged that discussions on this issue will continue in the coming months at official level. ICC will do all it can to urge G20 leaders to take the strongest possible stance on maintaining open markets at their annual summit in Hamburg in July. Protectionism is no path to progress.”