B-20 head says world needs to boost trade

B-20 head says world needs to boost trade

ANTALYA - Anadolu Agency
B-20 head says world needs to boost trade

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The world needs to boost trade and the Trade Facilitation Pact of the World Trade Organization (WTO) should be ratified by all countries in this vein, said the chairman of the Turkish Union of Chambers and Commodity Exchanges (TOBB) and the Business-20 (B-20), Rifat Hisarcıklıoğlu, in a meeting at the G-20 Summit in the Mediterranean resort of Antalya on Nov. 15. 

Hisarcıklıoğlu said for the first time in the history of the G-20, leading businesspeople, labor organizations and political leaders were discussing economic issues and as citizens wanted welfare, an increase in global trade was a must to boost global growth. 

He said the growth in global trade this year would be around just 2 percent, which was not more than the figures at the global economic burst.

The B-20 members have prepared five main recommendations to tackle the inability to grow across global economies. 

“The first of them is the ratification of the trade facilitation deal of the WTO by all countries. This is followed by the initiation of new infrastructure projects across the world. Another need is more transparency,” he said. 

He also noted the small- and medium-sized enterprises forum, which was launched by the B-20 for the first time in the G-20’s history, needs to be an organic part of the G-20. 

Saying an increase in women and youth employment would be a key in resolving the global unemployment problem, he added: “Our last recommendation is about boosting economic coordination across the world. We need more trust and transparency in economic issues.”