Protectionism hinders growth, says Anand Sharma

Rising menace of protectionism seen in the developed countries would hinder progress and harm the interests of developing nations, Indian minister said in Paris yesterday..

Addressing the Organisation of Economic Cooperation and Development (OECD) ministerial meeting yesterday, India's commerce and industry minister Anand Sharma said the interests of the developing countries would be damaged if the rich and industrialised nations resorted to protectionist measures in the difficult economic environment.

Sharma was the lead speaker for the session on "Keeping markets open for trade and investment," a ministry statement issued on Friday said.

Sharma stressed on the need for a "rule-based multilateral trading system which is fair, equitable and addresses aspirations of developing countries".

He also held bilateral discussions with US trade Representative Ron Kirk, EU trade commissioner Baroness Catherine Aston, Canadian trade minister Stockwell Day, Japanese minister of economy, trade and industry Toshihiro Nikai, and WTO director general Pascal Lamy.

India is not a member of the OECD but has been invited to the meeting along with key non-members Brazil, Chile, China, Estonia, Indonesia, Israel, Russia, Slovenia and South Africa.