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At G-8 Business Summit, USCIB Chairman Urges Governments to Avoid Investment Protectionism
| Source: USCIB
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 www.uscib.org.
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to:http://www.uscib.org/index.asp?documentID=3688