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 unemployed.
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.
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