Addressing a plenary session of Asia 21, the Korea Ministry of Finance/International Monetary Fund (IMF) conference in Seoul this week, ICC Honorary Chairman Victor Fung told the audience that “Asia can help lead the global recovery from crisis, but countries must avoid the temptation of protectionism. Although the signs are encouraging, the road back to recovery will be longer than we think.”
International Monetary Fund
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Trade has significantly decreased in both volume and value as a result of the worldwide recession and may be reduced further due to tight credit conditions, ICC said in a report presented at a meeting of banking experts organized by The World Trade Organization (WTO).
The upcoming G20 Summit in London should strongly reject growing protectionist pressures and increase multilateral cooperation to resolve the global financial crisis, ICC Chairman Victor K. Fung told British Prime Minister Gordon Brown yesterday.
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