Angel Gurria: Openness Is Crucial

Against a backdrop of the rising trade protectionism, Angel Curria, secretary-general of the Organization for Economic Cooperation and Development (OECD) called on countries worldwide to promote openness in trade.

“Openness is crucial. The only way to really get high-level welfare and wellbeing is extending the road wider to help everybody out,” he said when interviewed on the eve of the G20 Hangzhou Summit, themed “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy.”

Commenting on the theme of this year’s G20 Summit, which includes innovation as a theme, Gurria said innovation is precisely the tool needed to reverse the lack of growth and drop in productivity.

He added that the world’s leading economies have discussed how to take advantage of their lower debt costs to spend more on investment as a way to boost weak economic growth.

“Governments of countries, such as the United States, China, Japan, and Canada — just name a few, should use their fiscal space, so that they can move forward together,” he noted.

Gurria also spoke highly of China’s preparation for the Hangzhou Summit, saying that he was impressed by its “wonderful facilities and hospitability.”

The OECD was formed in 1961 and has 35 member countries today. It organizes dialogues and studies every year to provide suggestions for better governmental policies. Gurria will present the OECD work and recommendations to G20 leaders at the upcoming G20 Summit, according to the OECD website.

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