Liberalisation of the global economy should continue: Kamal Nath

January 30th, 2009 - 6:31 pm ICT by ANI  

Davos, Jan.30 (ANI): Concerned by the worldwide economic slowdown, Union Commerce and Industry Minister Kamal Nath has urged the international community to join hands for more efforts to liberalise the global economy in order to stimulate growth, save jobs and enhance living standards.
Addressing a Session on Enabling Trade: Threats & Opportunities, in Davos on Friday, Nath said that comprehensive multilateral, regional and bilateral trade agreements have been critical to spurring such liberalization in the past and should continue to be pursued actively.
He said that governments across the globe should work to enhance the living standard of their people and provide basic amenities to them.
Governments must pursue domestic policies that allow their citizens to thrive in the global economy. The solution to global competition is improved competitiveness, not isolation. Governments should strengthen the health and education of their citizens and build necessary trade-related infrastructure, Nath added.
Commenting on the global trade and economy, he said the international market should be transparent, and it should honour the baseline international labour and environmental standards.
Nath also urged the leaders of the different countries to refrain from trade-distorting subsidies and asked them to stand by the decision of the World Trade Organisation (WTO) regarding any dispute.
He also urged the leaders to tackle issue of rising protectionism, which is tempting many countries to prop-up domestic jobs and incomes by diverting demand from abroad with export subsidies, tariffs and cheaper currencies.
These protectionist measures could take the shape of erection of illegitimate trade barriers whereby Members prop up barriers (both tariff and non tariff) to free trade with a view to protecting their domestic industry, Nath said. (ANI)

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