Protectionism News

The leaders of the world's 20 major economies warned of the growing risks to the global economy but they stopped short of denouncing protectionism.

Moscovici said protectionism could damage growth and the principles of free trade of the World Trade Organisation.

US is beginning to sound like India of the 1970s while India is beginning to sound like America of the 1990s.

Addressing the World Economic Forum, PM Modi had talked about 'serious' challenges and 'grave concerns' facing the world.

On sharing the benefits of globalisation, the Summit felt current growth prospects are encouraging though the pace of growth is still weaker than desirable.   

Sanctions against Russia, imposed because of the Ukraine crisis, "are not just short-sighted but go against the principles of the G20 for cooperation in the interests of all countries", Putin wrote in the business daily Handelsblatt, urging "open trade relations, based on uniform norms and standards".

Finance Minister Arun Jaitley today played down fears over protectionism saying the need for greater liberalisation will prevail once the debate on the issue settles down.

While the global economy impacted India, the country's large market and domestic demand kept its economy going, helping it clock 7.5 percent plus growth even during global slowdown.

The protectionist trends gaining strength in the developed world could have an adverse impact on India`s export performance, industry lobby Ficci said on Sunday.

Cautioning against protectionism, RBI Governor Urjit Patel has said where would giant American corporations like Apple, Cisco and IBM be if they had not sourced the best products and talent from across the world.

Member countries of the International Monetary Fund on Saturday pledged to work to reduce global imbalances but failed to repeat their past pledge to resist all forms of protectionism.

The rhetoric of protectionism in developed economies and unpredictable global slowdown have not affected India and it is determined to grow with focus on investments, Finance Minister Arun Jaitley said on Monday.

The head of the IMF on Wednesday renewed warnings against protectionism and trade restrictions, saying that the global economy risked prolonged low growth and that advanced economies faced painful inequality.

Committing to resist protectionism, the G20 nations have pledged to improve business environment to promote growth and strengthen transparency to prevent cross border tax evasion.