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OECD, WTO, UN press G-20 powers to keep markets open

Published on Oct 31, 2012 7:50 PM

GENEVA (REUTERS) - The world's leading economies must try harder to keep their markets open to counter slowing global growth, international agencies said on Wednesday.

The World Trade Organisation (WTO), the Organisation for Economic Cooperation and Development (OECD), and the United Nations Conference on Trade and Development (Unctad) said the G-20 leading economies imposed fewer protectionist measures in the past five months, but the slow pace of recovery in foreign direct investment (FDI) was causing concern.

"Over the past five months, the global economy has encountered increasingly strong headwinds," the agencies said in a joint report. "G-20 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."

The three agencies issued their report, the latest in a semi-annual series, as a joint presentation for the leaders of the group, which comprises the world's richest powers and leading emerging economies.

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