'U.S. against protectionism; others must reciprocate'
Tuesday, 09 November 2010, 06:10 IST
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New Delhi: U.S. President Barack Obama today said his country was against protectionism and would work with India to make global economic recovery strong and durable. In his address to Members of Parliament, Obama said: "Together, we can resist the protectionism that stifles growth and innovation. The U.S. remains and will continue to remain one of the most open economies in the world." Seeking reciprocity to break trade and investment barriers, Obama said: "By opening markets and reducing barriers to foreign investment, India can realise its full economic potential as well." The Indian industry has been voicing concerns over protectionist measures such as hiking visa fee for IT professionals and ban on outsourcing on government business by some states in the US to protect jobs, while the U.S. has been seeking greater access to India's financial, retail and other markets.
Source: PTI
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