New Delhi, 7 March 2013

The Asia World Trade Agenda regional consultation, which was held in New Delhi on 7 March 2013, was part of a series of meetings that the ICC World Trade Agenda initiative has held since March 2012. Global consultations give local businesses the opportunity to be heard and to channel their priorities into shaping trade and investment policy that will boost economic growth and create jobs.

Agenda

India consultation 2013

The New Delhi consultation provided senior business leaders from India and the Asia-Pacific region with an opportunity to add input into World Trade Agenda business priorities. Participants strongly suggested that government leaders provide support for trade and open markets to stimulate growth, support a global agreement on investment and work with business to ensure financial regulations do not become barriers to trade and investment.

Particpants

The global consultation was hosted by Mr Raghu Mody, Immediate Past President, ICC India & Chairman of the Business Task Force, ICC Asia Pacific CEO Forum.

Mr Mody was joined by special guests: Harsh Pati Singhania, Chairman, ICC India; Dr Victor Fung, ICC Honorary Chairman and Group Chairman, Li & Fung Group; Terry McGraw, ICC Vice Chairman and CEO, McGraw Hill Companies; Dr Alok Sheel, Secretary, Prime Minister Economic Affairs, Ministry of Finance; Y.K. Modi, Chairman and CEO, Great Eastern Energy Corp Ltd and Past President, ICC India; and Jean-Guy Carrier, Secretary General, ICC.

Outcomes

Results from the New Delhi global consultation gave businesses in the region the opportunity to help shape ICC World Trade Agenda business priorities. These business priorities also feed into ICC’s input into the G20 process. For 2013 the process will be orchestrated by Alexander Shokhin, President of the Russian Union of Industrialists and Entrepreneurs (RSPP), who has been appointed by Russian President Vladimir Putin.

Key outcomes from the policy discussion are as follows:

  • There is a need to place trade liberalization at the top of the G20 agenda. While the Russian government has placed a strong emphasis on trade for the 2013 G20 cycle, there is a need for business to advocate a number of concrete measures to promote jobs and growth. In particular a focus on delivering a comprehensive trade facilitation agreement at the WTO Bali Minsiterial in December 2013 would be a strong signal to the global economy.
  • In addition to the trade facilitation agreement, G20 governments should also: a) remove agricultural subsidies, b) monitor the rising protectionism in standardization and technical barriers to trade, c) ensure regional and preferential trade agreements are compatible with multilateralism, d) provide capacity building for business in developing markets and, e) explore altering the methodology on how trade is measured.
  • The Russian G20 cycle is an opportunity to promote a multilateral agreement on investment and provide a stable and predictable investment environment to continue to generate employment and wealth creation.

Selected Quotes

Victor K Fung_WTA Chairman

"We are very pleased that the CEO Forum has given diverse voices from Asia and the Pacific region the opportunity to be heard and to be relevant to the global policy debates that ultimately impact their commercial opportunities, investments and trade."

Victor K Fung, ICC Honorary

Chairman of the ICC World Trade Agenda Initiative
Chairman and Chairman, Li & Fung Group

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