OECD, WTO, UN urge G20 powers to keep markets open

October 31, 2012 13:08


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GENEVA - The Group of 20 leading economies must redouble efforts to keep their markets open to spur global economic growth and restore certainty, international agencies said on Wednesday.

The OECD, World Trade Organization and UNCTAD said that there had been a slowdown in protectionist measures imposed by G20 countries in the past five months, but that the slow pace of foreign direct investment (FDI) recovery caused concern.

"Over the past five months, the global economy has encountered increasingly strong headwinds," the agencies said in a report obtained by Reuters. "G20 governments need to redouble their efforts to keep their markets open and to advance trade opening as a way to counter slowing global economic growth."

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