World must step up efforts to counter protectionism: Germany

Last Updated: Tuesday, February 2, 2010 - 21:01

New Delhi: Sharing concerns of India and
other developing countries, Germany on Tuesday opposed increasing
protectionist measures taken by some countries in response to
global financial crisis.

Addressing Indian businessmen here, German President
Horst Kohler said the world community has to enhance their
efforts to counter protectionist tendencies.

"The world must continue to take decisive action to
counter such (protectionist) tendencies," Kohler said at the
function organised by industry body CII and FICCI.

Without naming any nation, Kohler said that many countries
are adopting protectionist approach to stem the global
financial meltdown.

The President`s comments, incidentally, coincide with US
President Barack Obama heightening the pitch to protect
American jobs in the wake of employment losses due to
outsourcing to developing countries like India.

The German President said: "We saw, how in many countries
protectionist tendencies increased as a reaction to the
(global financial) crisis, even though this will ultimately be
to the detriment of everyone".

Following the collapse of Lehman Brothers that deepened
the global financial meltdown in October 2008, many developed
countries turned cautious and some have even adopted
protectionist steps to safeguard their economies.

PTI



First Published: Tuesday, February 2, 2010 - 21:01

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