Oppose protectionism to spur growth,says Ansari

Viewed in the light of restrictions imposed by some European countries on trade and movement of professionals,especially with regard to government procurement contracts and the problems faced by Indian Information Technology (IT) professionals in getting visas to some European nations,the Vice-President’s observation gains significance.

This summit takes place ahead of the G-20 meeting where the thrust is expected to be on exploring better ways to manage the world economy.

Ansari said some such measures are focused on services and manufacturing sectors,where developing economies have a comparative advantage over the developed nations.

“A recent OECD-WTO-UNCTAD report on G-20 Trade and Investment measures has noted that the potential for non-transparent and discriminatory application of emergency measures remains a serious challenge. It (report) highlighted the need for governments to be vigilant in opposing protectionism,devise and publicly announce exit strategies from emergency trade restrictive measures and to ward off protectionist pressures seeking to make them permanent,” he added.

The Vice-President also shared with leaders and delegates of 48 ASEM nations the Indian experience of addressing the financial crisis. “We have had a real GDP growth of 8.8 percent that was broad-based for the first quarter of 2010-2011. Yet this is lower than the growth experienced earlier. We are gradually reversing the fiscal stimulus and propose to halve it by 2013-14,” Ansari said.

He felt that Indian approach to the issue was in step with overarching theme of ASEM 8 summit which happens to be ‘Achieving greater well being and more dignity for all citizens’. “We are focused on an inclusive growth and development process that seeks to encompass all geographic and demographic segments,especially those who are marginalised,” he pointed out.