Trade

Trade and globalisation have been the main engines of the sustained global growth we have seen over recent years, and are now threatened by protectionism and lack of trade finance. If this were to lead to a permanent shift away from an open global economy, this would damage the economic interests of advanced and, especially, emerging and low-income countries, and reduce our collective capacity to generate the jobs and growth that will lift us out of the downturn.

Families’ and businesses’ concerns about the impact of the global recession are widespread and understandable. But governments must demonstrate that the mistakes of the past – raising trade barriers in response to recession – won’t be repeated. In fact, progress towards a global trade agreement – which could be worth over £100bn a year in additional global economic growth – has never been more important. The London Summit should also strengthen governments’ commitments not to restrict or distort trade, and put in place transparent mechanisms to monitor those commitments.

90% of world merchandise trade involves some form of credit, insurance or guarantee. In the short term, governments, Multilateral Development Banks, export credit agencies and the private sector must work together to provide a substantial, quick and targeted increase in trade finance resources where it is most needed.

Jobs and skills

Governments must demonstrate their commitment to high and stable employment levels. The ultimate guarantee of the viability of jobs is the development of innovative goods, services and processes which can compete in global markets. Governments, in partnership with business, trade unions and the third sector, must encourage the investment, innovation, skills and enterprise that will generate sustainable jobs, and help individuals develop the skills they need in order to take advantage of these jobs of the future.