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Politics : Politics for Pros- moderated
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From: LindyBill3/12/2007 8:04:34 AM
   of 793843
 
Protectionism on the rise?
ECONOMIST.COM
Economist Intelligence Unit | London
Categories:
Protectionism

World trade talks collapsed in mid-2006, yet global trade volumes expanded by an unusually strong 10%. Despite a string of high-profile government efforts to block cross-border mergers and acquisitions during 2006, world-wide foreign direct investment (FDI) surpassed the $1trillion threshold for the first time since 2000. If protectionism is on the rise, it is at the very most constraining rather than reversing globalisation.

What do those toiling at the coal face of cross-border commerce think is going on? Official agencies tasked with attracting international investment to their countries and regions gathered at the UN in Geneva for their annual get-together at the end of last week. The (overwhelming) consensus among delegates was that although unease exists about protectionism, this has not had any concrete manifestation. They say that they continue to go about their investment-luring endeavours unhindered.

This would all be reassuring if those actually doing the deals were saying the same thing. But they are not. A report by the Economist Intelligence Unit in late 2006, which surveyed almost 300 corporate executives worldwide, found that one in five of those responding reported cross-border deals being abandoned over the previous three years as a result of local rules on trade and investment. The spectre of protectionism, it would seem, is visible to some but not to others.

economist.com
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