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Global trade in trouble: British PM speaks out against protectionism

Global trade in trouble: British PM speaks out against protectionism article image

British Prime Minister Gordon Brown said world trade has been a "serious casualty" of the global economic crisis and warned against trade barriers and protectionist measures. Writing for the Wall Street Journal, Brown lamented the cycle of declining trade: "The simple truth is that trade is the most serious casualty of the global financial crisis, with a vicious circle emerging of falls in exports leading to falls in production and rising job losses leading to further falls in consumer demand, exports, etc." He pointed to economies such as Japan, China, Germany and the USA, which he wrote had been hardest hit by the recession due to their dependence on exports. Brown also suggested that the world will need more than the US$250 billion in trade finance pledged at the G20 summit in London earlier this year. "Trade was the driver of postwar recovery in Japan, Germany, the rest of Europe and the US, and the engine of growth in Asia in recent decades," he wrote: "There can be no recovery in the global economy without a revival of world trade."

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