Business News
APEC business council calls for action against protectionism
Nov 20, 2008, 22:57 GMT
Lima - The APEC Business Advisory Council (ABAC) on Thursday called on the region's leaders to resist the 'potential reactionary measures of protectionism and draconian regulation.'
ABAC president Juan Francisco Raffo and other officials said at a press conference in Lima that such measures provide an 'easy way out for politicians' in the face of rising unemployment and other issues with the widening of the global financial crisis.
The council praised the commitment of the Group of 20 industrialised nations, which met for an emergency summit Saturday in Washington, against protectionism. However, ABAC also said that specific action was needed, in the form of a monitoring system that detects protectionist measures ranging from outright tariffs to non- tariff barriers on investment and trade.
ABAC stressed the need to support small and medium-sized enterprises in this time of crisis and facilitate their access to finance and new technology.
The comments came just hours after the foreign and trade ministers of the 21 economies that make up the Asia-Pacific Economic Cooperation (APEC) forum also called for cooperation and rejected any form of protectionism.
The leaders of APEC members were expected to reinforce this message this weekend, at their annual meeting in Lima.
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Gregory HouseNov 21st, 2008 - 01:09:30
US automobile companies make up something close to twenty-percent of the US economy. This means that Americans can ill afford to allow them stay in their current condition. Unfortunately, the only thing that will heal them is to restructure them. Government money will only freeze them into their current condition, turning them into parasites instead of producers. They are not too big to fail. They are so big that they MUST fail. The only thing that can cause them to rebuild themselves is bankruptcy court, preferably, Chapter 11. Mind you, it might be best for everyone if Chrysler filed Chapter 13.
If a person has gangrene, real physicians never flinch or second guess themselves when removing a gangrenous limb. It is a necessary thing.
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