SOURCE: USCIB

USCIB

June 12, 2009 06:45 ET

World Business Community Calls on G8 to Avoid Economic Nationalism

ROME and NEW YORK, NY--(Marketwire - June 12, 2009) - The G8 summit should resist pressures to resort to economic nationalism and should further strengthen international cooperation to meet the challenges posed by the global recession, climate change and product counterfeiting, the International Chamber of Commerce (ICC) urged Italian Prime Minister Silvio Berlusconi today.

The Paris-based ICC is the largest, most representative private-sector association in the world, with hundreds of thousands of member companies in over 130 countries. The United States Council for International Business (USCIB), based in New York, serves as ICC's American national committee.

"We stressed to the prime minister the importance of resisting protectionist pressures, which would only lead to a deeper and longer world recession," ICC Honorary Chairman Marcus Wallenberg said following the private session.

"With the world as economically integrated as it has become over recent decades, any lurch into economic nationalism would dislocate commercial activity even further," Mr. Wallenberg added.

Meetings between the host of the annual G8 summit and the ICC leadership have become traditional and allow the views of the world business community to be presented at the highest levels. The business views were also detailed in a six-page statement (available at http://tinyurl.com/mwa3m9), which was given to Mr. Berlusconi at the meeting.

In addition to Mr. Wallenberg, the delegation included ICC Vice Chairman Rajat Gupta, senior partner emeritus of McKinsey & Company, and Andrea Tomat, chairman of ICC Italy and CEO of Lotto Sport Italia.

The ICC delegation cited the urgent need to increase trade finance and complete the long-stalled Doha Round of trade negotiations. ICC's statement also contains detailed business recommendations on climate change as well as fighting counterfeiting and piracy.

USCIB promotes international engagement and regulatory prudence in support of open markets, competitiveness and innovation, sustainable development and corporate responsibility. Its members include top U.S.-based global companies and professional services firms from every sector of the economy, and with operations in every region of the world. With a unique global network encompassing leading international business organizations, including ICC, USCIB provides business views to policy makers and regulatory authorities worldwide, and works to facilitate international trade and investment. More information is available at www.uscib.org

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