April 25, 2007 12:00 ET

At G-8 Business Summit, USCIB Chairman Urges Governments to Avoid Investment Protectionism

BERLIN -- (MARKET WIRE) -- April 25, 2007 -- At today's first-ever G-8 Business Summit, the chairman of the United States Council for International Business (USCIB), William G. Parrett, also CEO of Deloitte, urged the leaders of the Group of Eight nations to maintain their commitment to the open flow of international investment across borders, realizing countries still need to address local issues such as national security.

"Governments need to take action at the highest level to avoid investment protectionism if we want to encourage the free flow and benefits of international investment," said Mr. Parrett, who represented the United States in the G-8 business preparatory meeting, which was organized by the Federation of German Industries (BDI). "They need to affirm, in word and practice, their commitment to open, cross-border investment."

The Berlin summit brought together the heads of top business federations from Germany, which hosts this year's G-8 leaders summit in Heilgendamm this June, and the other G-8 nations. The business leaders signed a joint G-8 Business Declaration that will be presented to the G-8 government leaders, proposing ways to address trade and investment issues, innovation challenges such as intellectual property rights, and climate protection. They were scheduled to meet with German Chancellor Angela Merkel later today.

Investment protectionism has been on the rise both in the G-8 nations and elsewhere, and curtailing such measures was among the top priorities spelled out by the business leaders in a joint statement. Mr. Parrett pointed to a number of recent measures that he said needlessly interfered with foreign mergers, acquisitions and greenfield investment under the guise of security concerns.

The business leaders focused on a number of other issues they said required attention by their governments at the Heilgendamm summit, including completion of the WTO's Doha Round, fostering intellectual property rights, enhancing efficient capital markets, strengthening environmentally friendly technologies and facilitating private-sector participation in African development.

USCIB promotes an open system of global commerce. Its membership includes more than 300 leading U.S. companies, professional services firms and associations whose combined annual revenues exceed $3.5 trillion. As the American affiliate of several leading global business groups, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade. More information is available at

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Contact Information

  • Contacts:
    Jonathan Huneke
    (212) 703-5043
    (917) 420-0039 (mobile)
    Email Contact

    Madonna Jarrett
    (212) 492-3738
    (646) 388-2335 (mobile)
    Email Contact