ID :
48832
Wed, 03/04/2009 - 07:28
Auther :
Shortlink :
https://www.oananews.org//node/48832
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G-20 nations including India resorting to protectionism: USTR
Lalit K Jha
Washington, Mar 3 (PTI) A number of G-20 countries
including India have adopted protectionist measures despite
having committed to not raising trade barriers especially
during these troubled times, the US Trade Representative
(USTR) has said.
At the November 15 Summit on Financial Markets and the
World Economy here, G-20 leaders underscored the critical
importance of rejecting protectionism and not turning inward
in times of financial uncertainty, USTR's annual report said.
The G-20 leaders including India specifically committed
themselves not to raise trade barriers for a 12-month period
and to strive to reach an ambitious and balanced conclusion to
the Doha negotiations, it said.
"However, in the days and weeks following the G-20
summit, a number of countries faltered in their commitments,"
the USTR report said.
Giving details of some of these protectionist measures,
the report said India on November 18 increased the duty on
crude soybean oil by 20 per cent and the tariff on a range of
iron and steel products by five per cent and Indonesia placed
new licensing restrictions on at least 500 products.
Russia increased taxes on certain imported foreign cars
to a minimum of 35 percent and France outlined plans to
launch a state fund to protect French companies from foreign
takeovers.
Argentina and Brazil sought to raise Mercosur tariffs on
a range of agriculture and textiles products, although a month
later, they backed away from taking such an action.
All this came after the G-20 decided not to do so.
"We underscore the critical importance of rejecting
protectionism and not turning inward in times of financial
uncertainty.
"In this regard, within the next 12 months, we will
refrain from raising new barriers to investment or to trade in
goods and services, imposing new export restrictions, or
implementing World Trade Organization (WTO) inconsistent
measures to stimulate exports," the joint statement issued by
G-20 leaders had then said.
At a December meeting of the WTO General Council, members
decided that the WTO would monitor and report on newly imposed
restrictive trade measures, utilizing the WTO's existing Trade
Policy Review Body to fulfill the task.
As the Doha Round is expected to resume, the USTR said
there will also be a more robust, public monitoring by the WTO
of new trade measures by members aimed at restricting trade,
in order to support the G-20 Leaders' commitments to resist
protectionist measures. PTI LKJ
JVN
NNNN
Washington, Mar 3 (PTI) A number of G-20 countries
including India have adopted protectionist measures despite
having committed to not raising trade barriers especially
during these troubled times, the US Trade Representative
(USTR) has said.
At the November 15 Summit on Financial Markets and the
World Economy here, G-20 leaders underscored the critical
importance of rejecting protectionism and not turning inward
in times of financial uncertainty, USTR's annual report said.
The G-20 leaders including India specifically committed
themselves not to raise trade barriers for a 12-month period
and to strive to reach an ambitious and balanced conclusion to
the Doha negotiations, it said.
"However, in the days and weeks following the G-20
summit, a number of countries faltered in their commitments,"
the USTR report said.
Giving details of some of these protectionist measures,
the report said India on November 18 increased the duty on
crude soybean oil by 20 per cent and the tariff on a range of
iron and steel products by five per cent and Indonesia placed
new licensing restrictions on at least 500 products.
Russia increased taxes on certain imported foreign cars
to a minimum of 35 percent and France outlined plans to
launch a state fund to protect French companies from foreign
takeovers.
Argentina and Brazil sought to raise Mercosur tariffs on
a range of agriculture and textiles products, although a month
later, they backed away from taking such an action.
All this came after the G-20 decided not to do so.
"We underscore the critical importance of rejecting
protectionism and not turning inward in times of financial
uncertainty.
"In this regard, within the next 12 months, we will
refrain from raising new barriers to investment or to trade in
goods and services, imposing new export restrictions, or
implementing World Trade Organization (WTO) inconsistent
measures to stimulate exports," the joint statement issued by
G-20 leaders had then said.
At a December meeting of the WTO General Council, members
decided that the WTO would monitor and report on newly imposed
restrictive trade measures, utilizing the WTO's existing Trade
Policy Review Body to fulfill the task.
As the Doha Round is expected to resume, the USTR said
there will also be a more robust, public monitoring by the WTO
of new trade measures by members aimed at restricting trade,
in order to support the G-20 Leaders' commitments to resist
protectionist measures. PTI LKJ
JVN
NNNN
