Business leaders at the 24th India Economic Summit called for countries to reject protectionism and work towards the conclusion of the Doha Round of global trade negotiations under the World Trade Organization. Their call to support the multilateral trading system echoed a similar statement by the G20 nations in the final communiqué released at the global summit on the financial crisis in Washington DC.
As the crisis unfolds, “all of us, especially the developed world, should not go in for protectionism,” said Rahul Bajaj, Member of the Rajya Sabha and Chairman of Bajaj Auto, in the opening plenary session.
Panelists also called for the successful conclusion of the current round of global trade talks, which have been stalled for months. “It would be good for India to take the lead in getting the Doha Round restarted,” argued Rajat M Nag, managing director-general Asian Development Bank.
Earlier, session moderator Klaus Schwab, founder and executive chairman of the WEF, told participants that to adequately address the global financial crisis, “we must have multi-stakeholder involvement.” He concluded: “You cannot solve all global issues on the basis of defending only national interests and making compromises later. We need global solutions.”
