June 26, 2009
IN THIS ALERT:
OECD Ministerial Council Reaffirms Commitment to Open Market
At the 2009 OECD Ministerial Council Meeting held on June 24-25, OECD members reaffirmed their commitment to structural and regulatory reform, sustainable development, and open markets. In their joint statement, members asserted that "We shall resist protectionism...We commit to openness, standstill, roll-back, and non-discrimination, to promote and facilitate global trade and
investment, as endorsed by the 2 April 2009 London Summit."
In his address to the Ministers, United States Trade Representative Ron Kirk called for expanding on multilateral negotiations with "direct, bilateral engagement." Indian Trade Minister Anand Sharma echoed the importance of a rules based trading system, warning that protectionism would worsen the global economy. For a copy of the Ministerial Conclusions, click here.
World Trade to Fall Nearly 10% in 2009
Global trade will fall by nearly 10% this year, according "Global Development Finance 2009: Charting a Global Recovery," issued by the World Bank on June 22. The report predicts a 9.7% contraction in world trade volume for 2009, followed by 3.8% growth in 2010. The report also notes that net private capital inflows to developing countries are expected to fall to $363 billion this year, down from $707 billion in 2008, which itself was a sharp drop from a peak of $1.2 trillion in 2007. For a copy of the report, click here.
U.S. Trade Representative Ron Kirk to Make Keynote Address
United States Trade Representative Ron Kirk will make the opening keynote address at the
"Global Services Summit: Services Drive the Global Economy and Create Jobs," to be held in Washington on October 13-14.
Global Services Summit, October 13-14, 2009, Washington, DC
The Summit will be an important opportunity to raise the political and public profile of services on par with its level of employment and contribution to the global economy, and to examine ways in which to advance the sector's international trade and investment interests. For more information, click here.