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Obama Should Prove Commitment to Free Trade |
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Posted by Truth About Trade & Technology
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Thursday, 20 November 2008 |
Real Time Economics (Wall Street Journal)
November 18, 2008
President-elect Barack Obama should complete the Doha Round of global trade talks, chief executives at the Journal’s CEO Council said. But they acknowledged that the move is more important for its symbolic value than for any deal that may come out of it.
“The Obama administration should embrace and try to close the Doha Round as soon as possible,” said Yang Yuanquing, chief executive of Lenovo, speaking for a group of CEOs that discussed the issue. “Either get to the deal or collapse.”
In fact, the CEOs also seemed to think that chances were better that a completed Doha wouldn’t achieve its goals. They suggested that after Doha is finished, the WTO should be more focused on sector-by-sector trade deals.
But even if Doha collapses, Obama’s support for the trade talks would counter a protectionist notion. Fears were raised during the presidential campaign that Obama would pursue a more protectionist stance in matters of trade.
New York Democrat Sen. Charles Schumer, in response to the panel’s report, said that the Obama administration and Democrats in general “think we should trade in the global world.” But he raised concerns about income inequality, saying business and government must work together to cushion the blow.
“Prosperity doesn’t trickle down the way it used to,” Schumer said. “We deal in intangibles. The same kind of wealth is created, but the creator of the idea captures more of the income.” –Phil Izzo
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