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| Argentina, India most trade defensive: Global Report |
| Press Trust of India / New Delhi Sep 15, 2009, 14:24 IST |
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Ahead of the G20 Summit at Pittsburgh in the US, a joint report by WTO, UNCTAD and OECD has listed India at the second position in terms of initiating anti-dumping probes among the top rich and advanced developing countries in 2009.
The report that was prepared at the instance of the leaders of the G20 has further warned of significant increase in the use of anti-dumping and safeguard activities in the backdrop of the global economic crisis.
India had initiated 15 anti-dumping investigations during January-July period of 2009, while Argentina topped the list with 19 cases. New Delhi had initiated 13 anti-dumping investigations in the same period last year.
"...It is to be expected that the current economic crisis will result in a significant increase in the use of these measures...This is, therefore, an area in which particular restraint is called for by G-20 members," the report said.
The leaders of the rich and the emerging economies including India are meeting in Pittsburgh on September 24 - 25, for the third time within a year and are expected to review the state of the global economy which saw a turbulent year after the collapse of the US investment bank Lehman Brothers.
The other major countries resorting to trade defence mechanisms included Brazil, China, European Union, the US, Turkey, Canada and South Africa.
The report said while most of the G20 countries took to trade defence mechanisms, it did not "observe widespread resort to trade or investment restrictions as reaction to the global financial and economic crisis".
In the preface to the report, WTO Director General Pascal Lamy, OECD Secretary General Angel Gurria and UNCTAD Secretary General Supachai Panitchpakdi called upon the G20 leaders to remain vigilant.
"The global crisis cannot be deemed to be over yet despite welcome recent indications of economic recovery in some parts of the world. Growing unemployment due to the crisis will continue to fuel protectionist pressures for the years to come...", they said in the joint preface.
The report said the volume of merchandise trade is projected to contract in 2009 by 10 per cent and foreign direct investment by a huge 30-40 per cent.
"The main risk is that G20 members will continue to cede ground to protectionist pressures...The danger is on an incremental build up of 'sand in the gears' in international trade that could aggravate the contraction of world trade and investment," it said.
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