With exports from India declining since October 2008, for the first time in a decade, the country has started following the US lead in imposing new anti-dumping measures, says a new World Bank report.
The US imposed over 20 new anti-dumping measures during July-December 2008, followed by 15 such measures by India, the World Bank said in a background paper prepared for the Group of 20 meeting in London.
The number of anti-dumping measures has increased substantially in the second half of 2008 in both countries, World Bank said.
India took more than 10 fresh anti-dumping measures in the first half of 2008 -- higher than any other country during that period - while the US imposed less than five such measures, the paper noted.
Brazil and Canada also saw a rise in new anti-dumping measures while European Union, South Korea and Egypt saw the number of such initiatives declining in the second half of 2008.
China, South Africa, New Zealand and Argentina had imposed some fresh measures in the first half, but no additional steps were announced in the second half.
Australia and Turkey did not impose any new anti-dumping measures in the first half of 2008, but some steps were announced in the last six months of the year.
Protectionism is emerging as a major threat to the global trade flow, which has already declined under the weight of the financial market meltdown, the World Bank report said.
While a fall in global trade has been underway for some time, the bank said fears have surfaced over protectionist backlash all over the world.
The Group of 20 finance ministers and central bank governors are scheduled to meet in London on Saturday.