Business | Economy
World trade slowing more than expected, Brown says
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan received here on Monday British Prime Minister Gordon Brown and his accompanying delegation.
- Gulf News Report
- Published: 00:24 November 4, 2008
- Shaikh Khalifa holds talks with British Prime Minister Gordon Brown in Abu Dhabi.
- Image Credit: WAM
Abu Dhabi: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan received here on Monday British Prime Minister Gordon Brown and his accompanying delegation.
General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Sup-reme Commander of the UAE Armed Forces, was present.
Brown's visit to the UAE, his first since he became prime minister in July 2007, is the final leg of his tour of Gulf states, which also included Saudi Arabia and Qatar.
Brown and the UAE leaders reviewed the relations between the two countries. The discussions also touched upon the present global economic situation and the ways to overcome its impact.
Commenting on the global financial turmoil, Brown said US leadership is "central" to restoring stability to the battered world economy.
Speaking one day before the US presidential vote, Brown said "even more international cooperation" would be needed to counter financial turbulence in coming months.
Conference
Addressing an oil conference in the capital, Brown said the world trade was slowing more than expected.
"The leadership America has shown in these difficult times has been vital to the coordinated rate cuts and the international cooperation we have seen. I know that leadership will and must continue," said Brown.
Brown has proposed better co-ordination of fiscal and monetary policy, more cash for the IMF, and free trade.
"The next stage of globalisation will require even more international cooperation, with American leadership central to its success," Brown told business leaders in Abu Dhabi.
"In the coming weeks and months, the whole world will want to work closely with America on a shared common agenda".
He spoke of the need to move beyond the "zero sum game" which currently pitches oil producers against consumers.
Brown has called on Saudi Arabia, China and other relatively wealthy states to help raise hundreds of billions of dollars for a new IMF facility to stabilise struggling economies.
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