Leaders of the global business community issued a statement today 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.

Hosted by Marcus Wallenberg, Chairman of the International Chamber of Commerce (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.

“Any collapse of the Doha Round of multilateral trade negotiations later this year would deal a big blow to a world economy already reeling from the impact of a dangerous credit crisis and soaring oil and food prices,” Mr Wallenberg said.

“The current state of the world economy makes completing the Doha Round more urgent than ever. Slowing economic growth, financial turmoil, soaring energy and food prices, and large payment imbalances are severely damaging business and consumer confidence. Successfully completing the Doha Round this year would send a strongly positive signal – just when it is direly needed – that governments can work together to reinforce and update a central pillar of the international economic system,” Mr Wallenberg added.

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 ends today, 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.

“Governments must lift their eyes and extend their vision beyond short-term interests and local lobbies,” said ICC Vice-Chairman Victor Fung. “The prosperity of all mankind will be put in jeopardy if this major test of international cooperation – the Doha trade negotiations – is allowed to die through lack of political will. Everyone knows what a deal should and could look like. So let’s do it – and do it now.”

For further information about the World Business Summit, please visit  www.iccstockholm2008.se