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Head of Leading Industry Group Applauds President's Statement on Open Economies
| Source: USCIB
NEW YORK, NY -- (MARKET WIRE) -- May 10, 2007 -- The chairman of the United States Council for
International Business, William G. Parrett, applauded President Bush's
reaffirmation today of an open-door policy toward foreign investment in the
United States and his encouragement that other nations follow this
approach.
President Bush today issued a ringing endorsement of open markets
worldwide, urging other nations "to join us in supporting an open
investment policy and protecting international investments."
Mr. Parrett, chief executive officer of Deloitte, welcomed the
administration's statement, calling it an important signal to markets and
U.S. trading partners. "This is the first time in some 15 years that the
U.S. has made such a high-level reaffirmation of the importance of open
markets," he said. "Business sees U.S. government leadership as critical
to preserving open markets, and I applaud the President's commitment
announced today."
At last month's first-ever G-8 business summit in Berlin, Mr. Parrett
joined the heads of business federations from the other G-8 nations in
appealing to governments to avoid recourse to investment protectionism.
"Governments need to take action at the highest level to avoid investment
protectionism if we want to encourage the free flow and benefits of
international investment," Mr. Parrett said at the April business summit.
"They need to affirm, in word and practice, their commitment to open,
cross-border investment."
The business community has seen worrisome signs that the pendulum is
swinging away from open markets in many countries. Mr. Parrett said, "U.S.
business recognized that the world had changed dramatically since 9/11 and
that governments must pay more attention to national security issues, but a
legitimate concern for national security needs to be considered alongside
the benefits of allowing foreign investment."
The United States Council for International Business promotes an open
system of global commerce in which business can flourish and contribute to
economic growth, human welfare and protection of the environment. Its
membership includes more than 300 leading U.S. companies, professional
services firms and associations whose combined annual revenues exceed $3.5
trillion. As the American affiliate of several leading global business
groups, USCIB provides business views to policy makers and regulatory
authorities worldwide, and works to facilitate international trade. More
information is available at www.uscib.org.