In The Press
Free trade &protectionism as response to the financial crisis(Letter to the Editor of The Telegraph)
31 January 2009
SIR - In order to lift the world economy out of the doldrums, you are right to say that we need more trade, not less (Leading article, January 26). The impasse in the Doha talks is certainly disappointing and there are perturbing predictions of a fall in world trade of two per cent in 2009, the first fall since 1982.
Other signs are also worrying. According to the World Bank, net private capital flows to emerging economies in the coming year are estimated to be only half the record $1 trillion of 2007.
Increasing trade and capital flows will require brave decisions. While it may be tempting to resort to protectionism for short-term answers, it is open trade, especially with developing nations, that will provide the long-term solutions.
Chairman, Business for New Europe