NAM urges G-20 nations to restore financial confidence.November 18, 2008 -
According to statement made by NAM President and CEO, John Engler, NAM urges leaders of G-20 Group of Nations attending summit in Washington to act decisively to restore confidence in global financial markets and reinvigorate global economic growth. NAM calls on summit to lay foundation for rapid actions that will return credit markets to full functionality, and to set course for longer term action to reform and rebuild framework of global financial system.
NAM Urges G-20 Nations Restore Global Financial Confidence
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National Association Of Manufacturers (NAM)
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Press release date: November 14, 2008
Engler Says Group Can Also Help Jump-Start WTO Trade Negotiations
Washington DC, November 14, 2008 - National Association of Manufacturers (NAM) President and CEO John Engler issued the following statement on the eve of the G-20 Group of Nations Summit:
The NAM urges the leaders of the G-20 Group of Nations attending the summit this weekend in Washington to act decisively to restore confidence in global financial markets and reinvigorate global economic growth. Manufacturing is the backbone of the global economy, and manufacturing around the world has been impacted significantly by this global financial crisis.
The NAM calls on the G-20 summit to lay the foundation for rapid actions that will quickly return credit markets to full functionality, and to set the course for longer term action to reform and rebuild the framework of the global financial system. Only through careful and cooperative efforts will we rebuild the stability and transparency necessary for a strong and working system.
The G-20 also has a rare opportunity to significantly boost the prospects for a successful conclusion to the World Trade Organization's (WTO) Doha Round during the summit. Increased trade openness is a sure-fire way to increase economic growth, and a rapid conclusion to the Doha Round with an agreement that significantly lowers tariff and non-tariff barriers on manufactured goods would provide a major boost to the world economy.
The NAM is also firm in its view that a Doha Round that does not provide significant market access to all WTO members will be of little use in creating new trade and growth. The G-20 leaders must not decide they will accept a deal just for the sake of accepting a deal, no matter how weak or imbalanced.
The NAM urges the G-20 to include in their statement language that can jump-start the Doha Round, provide a significant path to an ambitious and comprehensive Doha agreement, and commit the G-20 to enhanced and liberalized trade in a single stroke.
The G-20 Members can do this by advocating their immediate and complete participation in the major sectoral tariff agreements currently proposed in the Doha Round. If the G-20 nations agree on immediate adoption of key sectoral agreements - such as electrical equipment, medical products, chemicals, and others in those negotiations - it would send a strong signal to the global economy that there is confidence and hope for the future.
Manufactured goods make up 60 percent of global trade. Liberalizing this trade by removing tariff and non-tariff barriers in the Doha Round will lead to significant economic growth at a time when we need it most.
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's award-winning web site at www.nam.org for more information about manufacturing and the economy.
DOUG GOUDIE (202) 379-6823
GREG WRIGHT (202) 637-3084