G-20 Addresses Key Economic Issues

OTTAWA - The international community has come together to reach an agreement to fight the deepening global economic recession and boost confidence in financial markets. The Group of 20 (G-20) Leaders in a sweeping communiqué pledged an additional $1.1 trillion of support to the world economy.

"This unprecedented move is a very significant step towards supporting economic growth and jobs, and stabilizing financial markets," said Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. "We applaud the G-20 for recognizing the benefits that open markets bring, and to the contributions they will make to the recovery of the global economy."

The Canadian Chamber was pleased to see that the G-20 Leaders recommitted not to raise new barriers to trade and investment, impose new export restrictions, or implement World Trade Organization inconsistent measures to stimulate exports to the end of 2010.

The Canadian Chamber welcomed the leaders' committed to promptly rectify any such measures that have been implemented. "It is critical that these words be followed by actions," Beatty continued. "A slide towards protectionism would only worsen the global crisis, further choke global trade and prolong the recession."

G20 leaders also took important first steps to reform the global regulatory system; develop a global approach to dealing with impaired or toxic assets; ensure that global governance institutions are more efficient, effective, and representative; and help developing countries so the economic crisis does not become a humanitarian crisis.

The Canadian Chamber applauds that the G-20 Leaders saw merit in meeting again in the fall. The global financial and economic crisis will continue to require coordinated and purposeful action.

"Results will not come quickly, but the world's economy will eventually recover if we act with a common sense of purpose and direction" concluded Beatty.