World must step up efforts to counter protectionism: Germany | business | Hindustan Times
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World must step up efforts to counter protectionism: Germany

business Updated: Feb 02, 2010 19:54 IST

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 in New Delhi, 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.