Trade protectionism rising March 18, 2009
Posted by Sverre in : Political economy , comments closedThe World Bank reports today that protectionism in the world is rising as a result of the current crisis. 17 of the G20 nations have enacted protectionist policies despite their pledge in the Washington action plan as recently as November 15 last year. Article 13 of the action plan states:
We underscore the critical importance of rejecting protectionism and not turning inward in times of financial uncertainty. In this regard, within the next 12 months, we will refrain from raising new barriers to investment or to trade in goods and services, imposing new export restrictions, or implementing World Trade Organization (WTO) inconsistent measures to stimulate exports.