G-20 4 LST

G-20 4 LST

The draft communiqué is also believed to be strongly
worded against any protectionism in trade, investment,
services and capital flows and attempts to yield to such
temptation in the face of crisis.

The WTO report on the issue has said that countries
have broadly avoided the tendency to resort to protectionism
but occasional violations have also been seen in the last six
months. The US Government's decision to impose hefty duty on
import of Chinese tyres is being cited by opponents of
protectionism.

The Prime Minister has already said that the Summit
should send a strong message against protectionism in all its
forms and that it should not be business as usual for
countries because the global economy is yet to come out of the
woods.

The declaration also endorses India’s stand for
reforms of international financial institutions like the World
Bank and International Monetary Fund to reflect ground
realities by giving greater say in their affairs for emerging
economies.

The US Treasury Secretary, Timothy Geithner, said a
substantial additional progress in Pittsburgh over what the
summit did in London is to add in effect a fourth pillar to
the architecture of cooperation established after the Second
World War. PTI VSC
SDE


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