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European businesses call on the G7 to end trade tensions


European businesses call on the G7 to end trade tensions

As the Group of Seven prepares to meet in Biarritz, France on 24-26 August, BusinessEurope sends a strong message against trade tensions, in favour of free and open trade, supporting the critical role of the multilateral trading system.

BusinessEurope President Pierre Gattaz said:

“Businesses in Europe and the rest of the world already experience a negative impact of the escalation of trade tensions, especially between the U.S. and China and, lately, also between Japan and South Korea. The increasing tendency by some governments to use national security to pursue a protectionist agenda is also worrying. We urge the G7 to be open and constructive in their deliberations during the Biarritz Summit this weekend to rapidly and effectively ease tensions giving confidence to investors.

Supporting the multilateral system – and the World Trade Organisation in particular – is critical in this context. We do recognise that new, stricter and more modern rules need to be developed to better reflect the current global trade reality. However, the WTO is the bedrock and guarantor of rules-based trade. It should be preserved and reinforced.”

For more information, see the Joint B7 Statement

Source: BusinessEurope