Business leaders call for new global trade deal
Business leaders from over 30 countries have today issued a statement calling on governments to conclude a new multilateral deal to cut customs bureaucracy at this week’s World Trade Organization Ministerial Conference in Bali.
In an open letter to the Financial Times, the CEOs and Chairmen of more than 80 international companies – headed by ICC’s Chairman, Harold McGraw – emphasized that a trade facilitation deal could boost global GDP by upwards of 3%. Over the past three weeks, officials from around the world have been locked in round-the-clock negotiations to hammer out a final deal which could be finalized at this week’s ministerial.
The letter, which was released at the initiative of ICC, calls on trade ministers in Bali “to get the deal done” and secure the first multilateral trade agreement in almost two decades. The business leaders wrote: “All trade ministers should consider what this would mean for businesses in their respective economies. A robust WTO deal would enable many companies to trade internationally for the first time, particularly as the Internet opens up new market opportunities for small- and medium-sized companies.”
Following the publication of the letter, Jean-Guy Carrier, Secretary General of ICC said: “The initiative emphasizes business’ strong support for a successful outcome to this week’s ministerial. A deal to cut red-tape at borders could provide a major stimulus to the global economy – bringing benefits to businesses, consumers and governments alike. An agreement is very much within touching distance: the thing now is for us all to stay engaged to make this happen.”
The full text of the letter and signatories are available below, as well as on the Financial Times
Seize this chance to ease cross-border trade
Sir,
We represent over 80 international businesses. At the initiative of the International Chamber of Commerce, we are writing to emphasise the importance of a successful outcome to the World Trade Organization’s Ministerial Conference this week—and, above all, the conclusion of a multilateral agreement on trade facilitation to cut unnecessary red-tape at borders.
The business case for a trade facilitation agreement is as clear as it is compelling. Inefficient border and customs processes place a significant brake on cross-border commerce in many countries: disrupting international supply-chains, raising costs to both businesses and consumers, and all too often discouraging companies from entering overseas markets. Recent studies suggest that improvements in border administration could lead to an increase in global GDP of upwards of 3 per cent—with an associated annual boost to global exports of around 10 per cent.
All trade ministers should consider what this would mean for businesses in their respective economies. A robust WTO deal would enable many companies to trade internationally for the first time, particularly as the internet opens up new market opportunities for small- and medium-sized companies. Indeed, research suggests that improved border and customs measures could trigger a 60 to 80 per cent increase in cross-border SME sales in some economies.
The international business community has consistently called for global trade facilitation reforms for over a decade. Much progress has been made in recent weeks in hammering out the details of a draft agreement under the stewardship of the WTO’s new Director-General, Roberto Azevêdo. Now is the time for governments to get this deal done.
Harold McGraw III, Chairman, McGraw Hill Financial; Chairman, International Chamber of Commerce
Sunil Bharti Mittal, Chairman and Group CEO, Bharti Enterprises
Victor Fung, Chairman, Fung Group
Marcus Wallenberg, Chairman and CEO, SEB
Gerard Worms, Vice Chairman, Rothschild Europe
Mohammed Samara Abubaker, CEO, Meridian Port Services
Togbe Afede, Chairman and CEO, Strategic African Securities
Joseph Agyepong, Chairman and CEO, Jospong Group
Rami Al Khateeb, CEO, Elaf Medical Supplies
Jamal Al Sarayrah, CEO, Arab Potash Company
Yassin Saeed Al Surror, President and CEO, A’amal Group
Matti Alahuhta, President and CEO, KONE
Ahmad Armoush, CEO, Jordan National Shipping Lines
Teruo Asada, Chairman, Marubeni Corporation
Pedro Aspe, Co-Chair, Evercore Partners
Khalid Awan, Chairman, TCS Holdings
Babar Badat, Managing Director, Transfreight Corporation
Alhaji Asoma Banda, CEO, Antrak Group
Othman Bdeer, CEO, Jordan Insurance Company
João Bento, CEO, Efacec
Sir John Buchanan, Chairman, Smith & Nephew; Chairman, ARM Holdings
Paul Bulcke, CEO, Nestlé
Carlos Bulgheroni, Chairman, Bridas
Kimball Chen, Chairman and CEO, Energy Transportation Group
Patrick Coveney, CEO, Greencore Group
Frederico Fleury Curado, President and CEO, Embraer
Vasco de Mello, Chairman and CEO, Brisa Auto-estradas de Portugal
Marijn Dekkers, CEO, Bayer CropScience
Syed Manzur Elahi, Chairman, Apex Adelchi Footwear
Eduardo Eurnekian, CEO, Corporación América
Douglas Flint, Group Chairman, HSBC Holdings
Antonio Estrany y Gendre, President, Axion Energy
Gabriel Ghete, General Manager, Biotechnik
Piyush Gupta, CEO, DBS Group
Ilham Habibie, President Director, Ilthabi Rekatama
Rifat Hisarcıklıoğlu, Chairman, Eskihisar Group
Richard Holyman, Managing Director, Martin & Pleasance
Kuok Khoon Hong, CEO, Wilmar International
José Honório, CEO, Portucel
Sebastián Escarrer Jaume, Board Member, Meliá Hotels International
Joseph Jimenez, CEO, Novartis
Sushil Jiwarajka, Chairman and Managing Director, Artheon Group
Matti Kähkönen, President and CEO, Metso
R.V. Kanoria, Chairman & Managing Director, Kanoria Chemicals & Industries
Rupert Keeley, CEO PayPAL EMEA, eBay
Young Tae Kim, Chairman, Daesung
Jüri Külvik, Chairman of the Board of Directors, Lemeks AS
Ronnie Leten, President and CEO, Atlas Copco
Andrew Liveris, President, Chairman and Chief Executive Officer of The Dow Chemical Company
Michel Lies, CEO, Swiss Re
Andrew McKenzie, CEO, BHP Billiton
Ivan Menezes, CEO, Diageo
Yogendra Modi, Chairman and CEO, Great Eastern Energy
Raghu Mody, Chairman, Rasoi Group
Peder Holk Nielsen, CEO, Novozymes
Masami Iijima, President & CEO, Mitsui & Co., Ltd.
Cherie Nursalim, Executive Director, GITI Group
Yongmaan Park, Chairman and CEO, Doosan Group
Kasemsit Pathomsak, President & CEO, Merchant Partners Securities
Sir John Peace, Chairman, Standard Chartered Bank
Jussi Pesonen, President and CEO, UPM
Oleg Platonov, CEO, Plaske
Saroj Poddar, Chairman, Poddar Heritage Enterprises
A.S.M. Quasem, Chairman and CEO, Newage Garments
Latifur Rahman, Chairman and Managing Director, Transcom
Mahbubur Rahman, Chairman and CEO, ETBL Holdings
Rokia Afzal Rahman, Chairman, Arlinks
Mohammed Rajpar, Managing Director, General Shipping Agencies
Tariq Rangoonwala, CEO, BOML
Björn Rosengren, President and CEO, Wärtsilä
Mikio Sasaki, Senior Advisor to the Board, Mitsubishi Corporation
Teo Siong Seng, Managing Director, Pacific International Lines
Martin Senn, CEO, Zurich Financial
Aasim Siddiqui, Managing Director, Marine Group
Risto Siilasmaa, Chairman, Nokia
António Simões, CEO, Sovena Group
Harsh Pati Singhania, Director, J.K. Organisation
Frederick W. Smith, Founder, Chairman, President, and CEO of FedEx
Jim Hagemann Snabe, Co-CEO, SAP
Carl-Henric Svanberg, Chairman, BP
Raigo Tammo, Chairman of the Board, Estanc AS
Chatrapee Tantixalerm, CEO, Krungsri Asset Management
Ivica Todoric, CEO, Agrokor
Karien Van Gennip, General Manager, Private Banking & Investments, ING, The Netherlands
Sunny Verghese, CEO, Olam International
Hans Vestberg, President and CEO, Ericsson
Peter Voser, CEO, Royal Dutch Shell
Robert Yap, Chairman and CEO, YCH Group
Valeriy Zarembo, CEO, VATEK
Additional supporters include:
Peter Mihok, Chairman, ICC World Chambers Federation
Ali Mohamad Alghanim, Chairman, Kuwait Chamber of Commerce and Industry
Hamad Almarzouq, Chairman, Kuwait Banking Association
Bader Alsubaie, Chairman, Union of Investment Companies
Ace Ankomah, Managing Partner, Bentsi Enchill, Letsa & Ankoma
Gregory Bird, Deputy Secretary General, Global Coalition for Efficient Logistics
Luis de la Calle, Managing Director, De la Calle, Madrazo, Mancera
John Denton, CEO and Partner, Corrs Chambers Westgarth
Manfred Gentz, Chairman, ICC Germany
Yaroslav Romanchuk, Managing Partner, EUCON International Legal Company
Augustine Samander, CEO, AEI – Jordan, Eastern – Jordan
Zhang Yanling, Vice Chair, CCOIC/ICC CHINA; Former Vice President of the Bank of China
