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Business leaders outline G20 priorities

(londonsummit.gov.uk)
Updated: 2009-03-20 16:21

Gordon Brown heard from international business leaders on Wednesday about their hopes for next month’s G20 summit and reiterated the UK Government’s determination to stave off any movement away from free trade practices.

At a meeting in Downing Street, business representatives from a range of G20 nations asked the Prime Minister to use April’s summit to work towards a conclusion to the Doha round of trade negotiations, increase the supply of trade finance and oppose protectionism around the world.

Gordon Brown told delegates the 'power cut' in the global banking system and the resulting lack of credit to finance trade was damaging countries’ economic prospects. He repeated the warnings about protectionism issued earlier this week alongside EU Commission President Jose Manuel Barroso.

The PM said: "We have got to be absolutely clear that protectionism offers no solution. It’s the road to ruin. It protects no-one in the long run at all and we are for a free trade world where we remove barriers rather than create barriers, no matter what the temptation is at this particular point in time for individual countries."

Leading figures from business organisations in the G20 nations, including the chair of the Confederation of British Industry (CBI) and a representative of the US Chamber of Commerce, attended the meeting chaired by Business Secretary Peter Mandelson.

Speaking to the media after the event, CBI chair Martin Broughton said it had provided "a very important opportunity for the global business community to have an input into the G20 process."

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