Policymakers sound alarm over protectionism

Source: Reuters


DAVOS, Switzerland (Reuters) - Policymakers sounded the alarm about the growing threat of protectionism on Thursday as new data showed a sharp fall in air freight traffic that signaled a broader slowdown in world trade.

India's trade minister, Kamal Nath, warned at the World Economic Forum that the global economic crisis could fuel protectionism to safeguard national industries and jobs.

He told Reuters that India saw growing signs of protectionism and would respond with its own measures if its exporters were threatened.

"We do fear this because one must recognize that at the heart of globalization lies global competitiveness, and if governments are going to protect their non-competitive production facilities it's not going to be fair trade," he said.

"If there are protectionist measures India will be compelled to also take commensurate measures against those countries which will be good for no one."

Nath cited Dutch authorities' seizure last week of a Brazil-bound shipment of a generic high blood pressure drug made in India. He said India had taken up the issue with the Dutch authorities and the European Union, and hoped to resolve it.

India itself has raised tariffs on steel to protect local producers, a measure trade experts say was aimed at China, which India does not regard as a market economy.



Read more: http://www.reuters.com/article/topNews/idUSTRE50M4BE20090129

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All the boo hah is over the buy American steel in the stimulus package. Noticed INDIA has tariffs BUT that's not cheating! This is the way it always is. EVERYBODY gets to cheat but us.

the Third World to have higher tariffs than for themselves to promote development. China and India have taken advantage of that and are not as poor now as they were then, while the rest of the Third World, particularly Africa and the poorer countries of Asia, have not taken advantage. Perhaps it is time to renegotiate the tariff agreements with India and China.

Enough with all of them. People have no patience for this anymore.

They fear "protectionism"? I think most Americans would like to show them the meaning of the word.

India needs to be selling to Indians. Same with China.

Globalization is a failure. Get over it.

they are one of the most protectionist nations, seriously. I saw a news story on them about that not too long ago. I