|
Written by
|
|
Tuesday, 31 March 2009 09:59 |
Reuters reported today (March 31, 2009 – World Bank offers trade boost ahead of G20) that the World Bank is spurring a $50 billion program to help perk up trade flows after credit dried up in recent months. Couple that with British PM Gordon Brown stating that "Leaders meeting in London must supply the oxygen of confidence to today's global economy and give people in all of our countries renewed hope for the future" and just maybe we can have a positive one-two punch coming out of the G20 meeting.
A great deal of importance and attention is focused on the G20 meeting and rightly so. In an interview with AFP before heading to London, WTO Director General Pascal Lamy said he would remind leaders of their commitments. "Our report...shows that the commitments made in November were not completely respected," he said. While the slippages did not amount to "high-intensity" protectionism, Lamy said "in a globalized world, there is a risk that this low-intensity protectionism could snowball."
After so many pledges to avoid protectionism since they met last November, 18 of the 20 nations have since taken measures that could be seen as restricting trade (March 27, 2009 - Forbes / Reuters – FactBox-Global crisis brings threat of protectionism).
At this point in the global economic downturn, just maybe if a little light is visible at the end of the tunnel it will help keep nations from sliding much farther down the slippery slope of protectionism. Open trade provides the economic efficiencies that benefit producers and consumers alike. We can all use some good news, so here's to the G20 all breathing a little bit of that 'oxygen of confidence' and passing it along!
|
.png)
Follow us on Twitter