From the G-20 statement:
13. We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports. Further, we shall strive to reach agreement this year on modalities that leads to a successful conclusion to the WTO’s Doha Development Agenda with an ambitious and balanced outcome. We instruct our Trade Ministers to achieve this objective and stand ready to assist directly, as necessary. We also agree that our countries have the largest stake in the global trading system and therefore each must make the positive contributions necessary to achieve such an outcome.
This sounds like an important commitment. However, keep in mind that we don't know what President-Elect Obama thinks of all this:
For now, little is known about what Obama, not to mention his as-yet-to-be-named Treasury Secretary and other economic advisors, thinks about the actions and general principles that won support at the summit. While Obama generally has backed greater transparency and disclosure and a tightening up of financial-services regulation, he and his economic advisors have been very quiet about the specifics under discussion at the summit. "He's played things very close to the vest," says Rogoff. "I suspect they don't even know themselves" what positions they'd take.
Bush Administration officials say there were extensive briefings and consultation with the Obama team in the runup to the G-20 meetings, but they gave no indication that Obama's views may have influenced the positions they took or where there might have been divergence. And the many visiting delegations that met with Obama's representatives, former Secretary of State Madeline Albright and former congressman Jim Leach, on the outskirts of the meeting got little more in the way of specifics. "They were very much in listening mode, absorbing others' views," says one European diplomat. "They gave little away." And until they do, it will be impossible to determine just what concrete regulatory or other changes will come of President Bush's last big international act.
Would Obama agree to "refrain from" the WTO violations mentioned and "strive to" finish the Doha negotiations?
