11.42 PM Monday, 11 December 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:31 06:50 12:15 15:12 17:34 18:53
11 December 2023

WTO director gives cautious praise to US stimulus package

The head of the World Trade Organization has commended Brazil for its open-minded trade decisions and gave cautious praise to the US stimulus package, saying countries battling the global economic crisis must resist the pressure of protectionism.

Director-General Pascal Lamy said Monday that protectionist instincts are completely understandable in the current economic climate but such regulations would be equivalent to ‘shooting their own foot.’ He said Asian governments were coping well with the crisis, but Brazil was the standout.

He also praised President Barack Obama for his $787 billion economic stimulus package that honours international trade commitments, backing off on a restrictive ‘Buy American’ policy that was written into the initial package.