OECD analysis demonstrates that market opening equals more jobs and better
jobs. During the global recession more than 12 million people within OECD countries
lost their jobs. Around the world today more than 200 million people are
It is clear that stimulus through fiscal policy and monetary easing has run its course
as a source of economic growth and has never been a source of sustainable
economic growth. Indeed, when you look at the policy instruments available to us
the only clearly, unambiguous source of economic growth that is sustainable is
through market opening creating more trade.
If the world resorts to protectionism, then we'll be arguing over not just a stagnant
amount of jobs around the world but a diminishing number of jobs around the
world. That would be a travesty.
Sustainable growth further means not just economically sustainable growth but
ecologically sustainable growth. There is no tension between ecological
sustainability and economic sustainability. They are two sides of the one coin. And
in this context it is worth reflecting on the negotiation that's underway under the
World Trade Organization's DOHA Round and that's for fisheries subsidies where we
are seeking to achieve ecological sustainability in our oceans and therefore economic
sustainability for those who are employed in withdrawing fish from the oceans.
The RIO Summit is coming up soon. The Australian government is very committed to
the protection of our oceans as a demonstration of the truth that the only
sustainable development is ecologically sustainable development.
- Minister's Office: (02) 6277 4330
- DFAT Media Liaison: (02) 6261 1555