Washington D.C., 14 June 2013

ICC and the Peterson Institute – in partnership with the United States Council for International Business and the Center for Strategic and International Studies – unveiled in the US a report showing that salvaging global trade deals would drive exports, generating 21 million jobs.

Launch of the report "Payoff from the World Trade Agenda 2013"

The report, written by Gary Hufbauer and Jeffrey Schott of the Washington DC-based Peterson Institute for International Economics assesses the potential payoffs from seven agreements from the Doha Round that could be revived and advanced.

It was commissioned by the ICC Research Foundation to quantify the benefits of the business priorities developed under the ICC World Trade Agenda (WTA) initiative.

Agenda

The launch consisted of opening remarks by Peterson Emeritus Director Fred Bergsten, and USCIB President Peter Robinson, who both highlighted the central role of ICC in this project. An introduction to ICC and its WTA initiative was provided by ICC Vice-Chairman and Chairman-elect Terry McGraw, which was followed by a presentation of the Peterson report findings by authors Gary Hufbauer, and Jeffrey Shott. Mr Hufbauer summarized the gains from WTA recommendations in terms of trade expansion, GDP growth and job creation. Mr Schott put these gains in the context of the main challenges facing the WTO Bali Ministerial, which he described as “Bali aches”… This was completed by a range of perspectives on the Report’s findings from a panel composed of Scott Miller of CSIS, James Bacchus who chairs ICC’s Trade and Investment Policy Commission, and the chair of the USCIB’s Trade and Investment Committee Charles Johnston. A “question and answer” period with the audience followed.

Participants

The event was attended by a diverse audience of 80 local and foreign participants, representative of Washington’s trade policy community including distinguished participants such as former US Trade Representative (USTR) Carla Hills. The event closed with an insightful keynote luncheon address by former World Bank President and USTR Bob Zoellick.

Outcomes

The report’s findings show that rescuing parts of on-going Doha trade negotiations could boost global GDP by US$960 billion.

Business was urged to relay recommendations from this event to G20 leaders and WTO ministers ahead of the next G20 Summit in Saint Petersburg and the WTO Ministerial Conference in Bali later this year.

Selected quotes

"We cannot wait for government. I am not here to disparage governments and leadership, but it’s got to be business that steps up and plays a more meaningful role.”

Harald McGraw III,Chairman, President and CEO of McGraw Hill Financial


"The WTO’s liberalization and market opening agenda has gotten stuck and it’s gotten stale. So I think today’s report, in a very practical way, points to specific opportunities to revitalize, to get some results and rebuild confidence in the WTO as a multilateral trade institution in the global economy,”

Robert Zoellick, Former President of the World Bank and Former US Trade Representative

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