SINGAPORE, Nov. 14 (REUTERS) -Singling out the United States for trends “going in the opposite sense of free trade” Mexican President Felipe Calderon said on Saturday trade protectionism is a major threat to the global economic recovery.
Many countries were moving toward protectionism in practice even as they gave lip service to free trade in principle, Calderon suggested. That was a theme of many speakers at the meeting of the 21-member Asia Pacific Economic Cooperation forum, including the leader who followed Calderon to the podium, Russian President Dimitry Medvedev.
In Mexico's neighbour the United States, “the old wrong idea of protectionism” was emerging in Congress and among other policymakers, Calderon said, citing as an example increasing “buy American” clauses in U.S. legislation.
In a global economy of multinational companies, such policies do more harm than good, Calderon said arguing: “protectionism is killing North American companies”.
U.S. President Barack Obama was due to arrive in Singapore on Saturday evening for the Asia Pacific Economic Cooperation summit after an overnight visit to Japan, where he also pledged support for trade liberalisation.
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