Biz/Tech
(2009-03-26)
Lamy, Director-General of the World Trade Organization, addresses the "International trade and the global financial crisis" forum in Sydney
The World Trade Organization warns that the world is slipping dangerously into protectionism that could strangle a global economic recovery.
The WTO's director-general says countries have been erecting new barriers to imports this year through tariffs, subsidies and other measures designed to protect domestic industries. Pascal Lamy says there's no indication that the kind of global trade wars that helped bring on the Great Depression are developing. But he says "the incremental buildup of restrictions" could "slowly strangle international trade" and undercut policies aimed at boosting demand and restoring growth.
A 47-page WTO report obtained by The Associated Press lists dozens of government policies that appear protectionist. It praises some leaders, including President Barack Obama, for ensuring that "Buy American" provisions in the $789 billion stimulus package comply with international agreements. But the shame list is longer and also mentions the U.S. in areas including auto and steel
imports.
© Copyright 2012, Associated Press
