Protectionism would impede global economic recovery: BRIC FMs

H S Rao

London, Sep 5 (PTI) India has said protectionist steps
in the name of regulatory and financial reforms would impede
the recovery of the global economy at a time when 30 WTO
member-countries decided in New Delhi to resume the stalled
Doha Round of trade negotiations.

The finance ministers of Brazil, Russia, India, China
(BRIC) nations ahead of G-20 Finance Minsters' conference
here, on Friday said the ongoing regulatory reforms in the
financial sector should not restrict cross-border capital
flows and investments.
A failure to do so would risk compromising on the expected
recovery of the world economy, they added.

In a joint communique, the grouping of four emerging
economies said protectionism remains a real threat to the
global economy and should be avoided.
"We believe that (the) governments should work towards
prompt and successful conclusions of the WTO Doha Round in a
way that ensures an ambitious, comprehensive and balanced
outcome," they said.
Talking to reporters after a meeting of BRIC nations,
Indian Finance Minister Pranab Mukherjee said in the name of
financial reforms, protectionism should not be allowed to
creep in.

On Friday, trade ministers of 30 nations in an informal
WTO ministerial meeting in New Delhi decided to resume global
trade talks, which had ended in a deadlock over farm subsidies
in Geneva in July 2008. MORE PTI