The New Nation - Internet Edition

BUSINESS REPORT

International Chamber of Commerce (ICC), the world business organization arranged the first ever ICC World Business Summit in Stockholm, Sweden.

The leaders of the global business community issued a statement on June 13 at the World Business Summit, stressing the vital importance of the multilateral trading system and calling upon all governments, especially those of the biggest trading nations, to finally summon the political will to bridge their outstanding differences and make the concessions necessary for a successful deal in the Doha round of world trade negotiations.

ICC Bangladesh President Mahbubur Rahman led a five-member delegation at the summit. The other members of the delegation were ICC Bangladesh Vice Presidents Latifur Rahman and Samson H Chowdhury and ICCB Executive Board Members ASM Quasem and Syed Manzur Elahi. They also attended the ICC's World Council held in Stockholm on June 11.

Hosted by Marcus Wallenberg, Chairman of ICC, and Chairman of SEB, Saab and Electrolux, the ICC World Business Summit brought together more than 350 top businessmen from 70 countries to discuss the fate of the Round with trade experts, including Pascal Lamy, Director-General of the World Trade Organization (WTO), Peter Sutherland, Chairman of BP and Goldman Sachs International, and Ewa Bjorling, Trade Minister of Sweden.

Mr. Lamy urged the business leaders to remain optimistic and said that there was still a real possibility that the Doha Round could be successfully completed very soon. He also implored them to speak directly with their governments about the importance of the Round.

The businessmen attending the Summit agreed to redouble their efforts when they returned home, to convince their government leaders to act swiftly and effectively to reach a final trade agreement.

There was a strong consensus at the Summit that the negotiations must be brought to a successful conclusion in the months ahead after six and a half years of delays and missed deadlines. A deal can still be done. Though painfully slow, considerable progress has been made to date and there are many hard-won, trade-enhancing offers already on the table. These must not be lost.

The two-day Summit, which ended on June 13, issued a strong message to governments that, if they allow the Round to collapse, the costs will be high and the risks far-reaching - maybe of systemic proportions. The WTO rules-based system, which has delivered immeasurable benefits to the world over six decades, will be badly weakened. The already potent forces of protectionism will claim a famous victory.