The European Union and South American bloc Mercosur agreed a free trade treaty on Friday, committing to more open markets in defiance of the rising tide of
protectionism.
As such, they also reaffirmed their earlier commitment 'to uphold the rules-based multilateral trading system and open regionalism, while resisting all forms of
protectionism.'
To summarize: the aversion of the economics profession to the deadweight losses caused by
protectionism seems warranted.
policy embedded
protectionism in an overarching liberal economic order that shaped post-World War II history.
PROTECTIONISMIn recent times,
protectionism has gained momentum with leaders seeking to protect their nations' economic interests, mainly by creating trade barriers.
'However, this is not the time to close our doors by invoking trade
protectionism measures, but instead we should be actively engaged in finding amicable solutions and resolving trade issues through multilateral dialogues such as between Asean countries.
The Russian prime minister stressed that "
protectionism is a bad phenomenon in global economy, it has always existed but in previous years most countries adhered to the rules developed in the WTO framework".
Leaders at this year's regional WEF summit for the Association of Southeast Asian Nations (Asean) have railed against
protectionism and called for breaking down trade barriers.
Common Market for Eastern and Southern Africa (COMESA) is losing at least Sh3.2 trillion annually in trade due to trade barriers arising from
protectionism policy.
Singapore Prime Minister Lee Hsien Loong expressed hopes that the Regional Comprehensive Economic Partnership (RCEP) will be concluded by the end of the year and issued warnings against rising
protectionism Thursday, reports said.
TOKYO, April 12 (KUNA) -- China on Thursday vowed to fight "till the very end" if the US insists on unilateralism and trade
protectionism, the official Xinhua News Agency reported.
moves on trade
protectionism, a Foreign Ministry spokesperson said Monday.
