The International Chamber of Commerce (ICC) has welcomed the announcement of a first phase trade deal between the United States and China.
Speaking on behalf of 45 million companies worldwide, ICC Secretary General John W.H. Denton AO said the move was a welcome step to cool trade tensions in the global economy but reiterated the need for a broader systemic response to growing uncertainties and frictions in the global economy.
Mr Denton said:
“What’s clear is that many of the root causes of on-going US-China trade tensions can only be resolved at the multilateral level. We therefore hope that, following the conclusion of the phase one deal, the US and China will commit to comprehensive reform of the global trade system under the auspices of the World Trade Organization.”
Recognising the role that global trade can play in promoting peace, prosperity and opportunity for all, ICC is committed to modernising the global trading system in pursuit of making trade work for people and planet in the 21st Century.
In October last year, ICC published a comprehensive set of recommendations to enhance the functioning of the WTO system and to ensure its relevance in the 21st century. ICC will continue to engage constructively on this agenda in 2020.