Director-general of the World Trade Centre Orgranisation (WTO) Pascal Lamy is of the opinion that protectionism is not as bad as it has been made out to be. Protectionism has risen in countries which have been struggling to create jobs for their people, gain fresh capital and boost business.
Some sections of the media have tried to portray China as protectionist, saying that it has been closing its doors to foreign investment and turning to home grown brands instead. Reports have also stated that foreign investment in China is usually met with tight conditions, and this leads to the air of protectionism.
According to our sources, Lamy brushes off such protectionist allegations against China, saying that the reports have been exaggerated and that the world needed an economy such as China’s, and that only 3 percent of the world’s total trade is affected by protectionism, an figure which amounts to roughly USD 546.
Lamy went on to talk about stalled trade talks as well, stating that they are just a reflection of the current situation, where current world powers such as the US and Europe are finding it difficult to accept China’s role, as a major play for the future.
