Resist new waves of economic protectionism as fears mount of global recession: UNCTAD

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GENEVA, Mar 19 (AFP): Countries should resist new waves of economic protectionism as fears mount of a global recession, the head of the UN's trade and development agency urged yesterday.
"You see the so-called neo-mercantilism, (or) economic patriotism" in various aspects of the global economy, said Supachai Panitchpakdi, secretary general of the UN Conference on Trade and Development (UNCTAD).
"There are all kinds of new waves of protectionism that might be misconceived, and misdirected at the elements from the South," he told journalists.
His comments echo those of US President George W Bush and the head of the European Commission, Jose Manuel Barroso.
Barroso told the Financial Times newspaper earlier this month that protectionism was on the rise across Europe as fears of an economic recession grow.
"I fear this rise not only in Europe but all over. Political forces in Europe that were traditionally pro-market are today-let's put it elegantly-more prudent," he said.
The US president also defended free trade at a time when both Democratic contenders for the White House-Hillary Clinton and Barack Obama-have voiced some scepticism as to its virtues.
"One powerful force for economic growth that is being questioned right now in Washington is whether or not this country is confident enough to open up markets overseas," Bush said last week.
"I believe strongly it's in our nation's interest to open up markets for US goods and services," he added.
Trade and development are the key issues in the World Trade Organisation's Doha round, which has made scant progress in recent years as developed and developing countries argue over market access, agricultural subsidies and industrial tariffs. Supachai said the upcoming UNCTAD conference in Accra, Ghana could provide an impetus to pushing Doha to an eventual conclusion.
UNCTAD holds major conferences every four years, and this year some 3-4,000 delegates will meet in the Ghanian capital of Accra from April 20-25.
"It is quite possible that the Doha negotiations might move into the final phase," he said. "For the development community together in Accra it might be a real opportunity to add to the push to the final phase" of the talks, which have long passed their initial deadline of 2004.
The WTO is now hoping that a deal might be signed by its 151 members by the end of 2008.