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Commerce head urges G20 to avoid currency war

(Xinhua)
Updated: 2010-11-10 17:21
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SEOUL -- Head of Canada's largest business group on Wednesday called on G20 leaders to halt the ongoing currency dispute, addressing the need to prevent it from further expanding.

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The G20 Summit should head off the currency war, keeping major economies away from efforts to drive down their currencies, Perrin Beatty, CEO and president of the Canadian Chamber of Commerce, told reporters in a CEO open interview held on the sidelines of the G20 Business Summit.

The president also underscored the need to ban trade protectionism, pressing the G20 leaders to send messages to the market that they are altogether against any trade protectionist moves.

According to Beatty, trade barriers, whether formed in tariffs or other regulations, are hampering benefits of the global economy as a whole, and, therefore, there should be more concerted efforts by countries to open up their economies.

The president also called attention to the role of private sector in global economy, asking leaders of the G20 nations to make a gradual shift in policy stances.

"The global economy should be driven by private sector, instead of government stimulus. It is simply not sustainable," Beatty told reporters.

Taking part in a working group dealing with transition from government-led to private-run economic growth, the president is planning to make policy recommendations for the G20 Summit.

Beatty also emphasized the importance of restoring business confidence in nations, which is key to drive companies back to reinvestment.

Without business confidence, firms will not tap money from their savings to make investment in facilities, human resources, and R&D, he added.

The president is participating in the G20 Seoul Business Summit held one day ahead of the G20 Summit.

The Canadian Chamber of Commerce is an association with some 420 regional commerce group members, representing 192,000 firms.