Brazilian, British Leaders
Propose
$100 Billion Trade Fund
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Brazilian, British
Leaders Propose
$100 Billion Trade Fund
Rio de Janeiro - British
Prime Minister Gordon Brown and Brazil's
President Luiz Inacio Lula da Silva on
Thursday proposed to create a
100-billion-dollar global fund to spur on
trade.
"It is absolutely vital, if we are to move
forward from this recession," said Brown.
Hundreds of companies around the world could
not do trade due to the depression in credit
market, he said.
"We have got to get investments flowing
again, and above all the flow of trade,"
said Lula.
They planned to present the fund proposal in
the upcoming G20 Summit in London on April
2.
Lula and Brown, who met on Thursday in
Brazil's capital city Brasilia, also agreed
on reforming some of the international
organizations, such as the International
Monetary Fund (IMF) and the World Bank.
In a joint statement, Lula and Brown
criticized the protectionist measures taken
by some countries.
Though the protectionism may seem to solve
the problem in a short term, it would
eventually lead to depression, said Lula.
Additionally, the two leaders stressed the
urgency to resume the World Trade
Organization's (WTO) Doha round talks.
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