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G7 warns against protectionism

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G7 warns against protectionism


The G7 said it will do all it can to avoid a rise in protectionism as a result of the worldwide financial crisis.

A joint statement was being prepared for release after today’s talks in Rome, the final day of the two-day meeting. It sought to allay fears that governments will abandon committments to fair cross-border trade in a bid to protect jobs and national industries. British Finance Minister Alistair Darling said otherwise the world risked seeing a repeat of the damaging protectionist spiral seen during the 1930s. America’s “Buy American” clause in the just-passed stimulus plan and national car aid plans in France and Italy have all rung alarm bells.
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