Rediff.com  » Business » Obama says G-20 rejected protectionism

Obama says G-20 rejected protectionism

By V S Chandrasekar in London
April 03, 2009 11:23 IST
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Seeking to reform the failed regulatory systems and put an end to "bubble and bust economy", US President Barack Obama said that G-20 has rejected protectionism and America was also dedicated to forging consensus rather than dictating its own terms.

"We finished a very productive summit that will be, I believe, a turning point in our pursuit of global economic recovery," Obama told reporters after the world's top 20 economies including India agreed on steps to tackle the global economic crisis, the worst since the 1930s.

"We have also rejected the protectionism that could deepen the crisis," he noted. It would have been crazy to think a short time ago that former mortal enemies could negotiate this swiftly on how to fix the world economy, he said.

The world leaders today agreed on a $1 trillion stimulus, announced a crackdown on tax havens and committed to regulate banking and financial system to rescue the global economy from the crisis.

The US President said that revival of world economy would in turn benefit Americans, as the falling export demand has been hitting the companies in the country.

Noting that poorer nations were the future markets, Obama also said that he would discuss with the Congress in next few days to provide an immediate contribution of $448 million to the poor countries.

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V S Chandrasekar in London
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