New Delhi, Nov 8 (IANS) Commerce Minister Anand Sharma Sunday said if developed countries resorted to protectionist measures, it could lead to prolonging the economic slowdown.
“If countries go in for protectionist measures, this could be counter-productive and only prolong recession,” Sharma told delegates at the World Economic Forum’s India Economic Summit here.

The minister said most countries were coming out of recession and hoped they would not adopt such measures.

“When we talk about protectionism, India has shown the way (in not adopting it). We have signed free trade agreement with ASEAN. We took the steps to re-energise the WTO talks,” he told reporters on the sidelines of the conference.

Sharma was referring to the pact India recently signed with the 10-member Association of South East Asian Nations (ASEAN) and ongoing trade negotiations at the World Trade Organisation (WTO).

He also contended that while India’s trade continued to fall, the steepness of the decline has been arrested.

“Whether this turnaround will be durable is to be seen in the coming months,” the minister said.

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