19/06/2010
Saudi Arabia implementing the G-20 recommendations on investment standards
A shop owner sitting on a shelf in Calcutta in India yesterday; As the International Labour Organization has reported of 27 million people who have lost their jobs during 2009, bringing the number of unemployed in the world to about 200 million people.
An international economic report has ensured that volume of international investments flows fell by 40 percent in 2009 with expected recovery this year, pointing out that the eight countries, including Saudi Arabia who has applied investment standards that would encourage global investment.
Following are more details:
The third report issued by the Organization for Economic Cooperation and Development and « OECD » along with the World Trade Organization have highlighted the commitments and steps taken by countries in the world especially the G-20 for the implementation Summit decisions of during the period of February 2010 until May 2010.
The World Trade Organization has recently issued a report showing the increase in world trade by 25 percent during the first quarter of 2010, compared to the fourth quarter of 2009 as the value of exports rose by 27 percent and imports by 24 percent.
According to the report, the strong growth in exports has included all countries, but it seemed clear in the oil-producing countries, such as the Gulf Cooperation Council and Russia and some countries of the Commonwealth, which was confronted by the growth rate by between 50-60 percent, while 48 percent in Japan 33 percent in India, 29 percent in China, 20 are in the United States and 18 percent in Europe.
With regard to employment, the report emphasized that the economic recovery has not yet been able to transfer into the labor market, where unemployment rates remain high, even in the United States which has doubled from 5 percent to 10 percent during the past two years..
Moreover; the report insured that the G-20 has avoided the imposition of further restrictions on trade and investment since the 20th Summit in London, What's striking is the problem of unemployment in the industrialized world, which is a serious problem should be tackled with further action during the next summit.
Many countries has taken some protective procedures whether direct or indirect, such as increasing customs tariffs and non-tariff restrictions, and still applying mechanisms to reduce imports under dumping lawsuits.
As for investment; the response was greater, as noted by most of the group's member countries to remove obstacles of investment and the influx of foreign investment.
It should be mentioned that the 20th top summit in London has pledged to take all necessaries in order to restore confidence and growth, jobs and reforming the financial system to restore the lending process and strengthen financial regulation and financing our international financial institutions to overcome the current crisis and prevent future crises, also to promote global trade and investment and fight against protectionist policies and achieving a sustainable recovery.
The statement has declared that the G-20 will work together to achieve these commitments, in order to take the global economy out from its decline and prevent a crisis like this in the future, by increasing the available resources of the International Monetary Fund by 750 billion dollars.
Also pledged to initiate a significant fiscal expansion and unprecedented that will save or create millions of jobs. It is expected that the cost of doing so by the end of this year will cost five trillion dollars, with total increases of 4 percent, and speed up the transition to a clean economy.
