18 March 2009 15:46 [Source: ICIS news]
PARIS (ICIS news)--The US must keep its markets open for trade during the economic downturn and not resort to protectionism, said EU trade commissioner Catherine Ashton on Wednesday.
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“There is talk of raising tariffs and non-tariff barriers, of unfairly subsidising exports, of introducing local content requirements in stimulus packages," Ashton added. "At the moment it is difficult to assess how economically important these are, but they carry a real risk of a widespread protectionist backlash. The only result of this in my view would be an even larger decline in world trade."
In 2008 the EU enjoyed a surplus of €63bn ($82bn) in goods traded with the
This trade flow was dominated by manufactured goods and in 2007 more than two-fifths of trade with the
($1 = €0.77)
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