WTO Chief warns against protectionism
SKOREA: The World Trade Organisation chief called Monday for
collective discipline to stem the spread of protectionism during the
global slump, citing “Buy American” provisions in the US stimulus
package.
“If you hit imports, your exports will be hit,” WTO director general
Pascal Lamy told reporters.
“Protectionist pressure is there even though we know isolationism or
protectionism does not work for simple reasons,” he said.
“Without collective disciplines which the United States has to
subscribe to in the government procurement agreement in WTO, the ‘Buy
American’ act would probably have been much more worse for US partners,”
Lamy said. President Barack Obama last week signed into law the
787-billion-dollar bill designed to rescue the US economy.
Seoul, Monday, AFP |
