Pressures for protectionism to rise in coming years
Wednesday, 30 March 2011, 06:17 IST
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Colombo: The Reserve Bank today said there are chances that protectionism by the advanced countries would rise and will also take new forms in the post-crisis scenario. "...in the years ahead, the pressures for protectionism will mount and protectionism will also take new forms," RBI Governor Subbarao said at a conference here, a press release said. He further said there is concern in some quarters that even as open protectionism has been resisted relatively well during the current crisis, opaque protectionism has been on the rise. "Opaque protectionism takes the form of resorting to measures such as anti-dumping actions, safeguards, preferential treatment of domestic firms in bailout packages and discriminatory procurement practices," Subbarao added. During the global financial crisis in 2008, many advanced countries, including US, were hit by recession.
Source: PTI
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