Protectionism is a "very temporary" phase which would not last as it would ultimately harm the inter-dependent globalised world, Union Minister V K Singh said today.
Protectionism is a very temporary phase. Protectionism comes because somebody or the other feels threatened, but ultimately it harms because today you are so inter-dependent that it does not work.
These are all temporary phases, (protectionism) won't last, Minister of State for External Affairs V K Singh told PTI on the sidelines of Asia Pacific Entrepreneurship awards here.
Recently, the US imposed duties on steel and aluminium imports with a view to protect its domestic manufacturers, raising fears of similar trade protectionist measure by other countries.
Multilateral bodies like IMF and global trade body WTO have asked governments to avoid protectionist trade policies which could harm global growth.
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