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