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India, France oppose US Congress protectionist move
Wed-Feb 04, 2009
New Delhi / Press Trust of India
India and France on Wednesday agreed to jointly fight increasing global protectionism, including a move by the US Congress to enact a 'Buy American' law, a fallout of the recession in the world's largest economy.
Visiting French Minister of State for Foreign Trade Anne-Marie Idrac underscored the importance of India and France coming together against trade protectionism in her meetings with Commerce and Industry Minister Kamal Nath and Planning Commission Deputy Chairman Montek Singh Ahluwalia.
"The US Congress should not vote for amendments (in the economic stimulus bill) that would allow use of steel made in America," Idrac said here after concluding her two-day visit.
She said India and France have set a target of doubling the bilateral trade and investment. The bilateral trade in 2007-08 was 8.85 billion dollar.
The Congress seeks to insert a 'Buy American' clause in the $819 billion economic stimulus package for salvaging the US firms and its economy out of the worst recession in the
last 78 years.
If the Congress had its way, the firms seeking federal aid will have to buy only American manufactured iron and steel. Strongly opposing the move, President Barack Obama has warned that this could lead to trade wars which America can ill-afford at this point of time.
Visiting French Minister of State for Foreign Trade Anne-Marie Idrac underscored the importance of India and France coming together against trade protectionism in her meetings with Commerce and Industry Minister Kamal Nath and Planning Commission Deputy Chairman Montek Singh Ahluwalia.
"The US Congress should not vote for amendments (in the economic stimulus bill) that would allow use of steel made in America," Idrac said here after concluding her two-day visit.
She said India and France have set a target of doubling the bilateral trade and investment. The bilateral trade in 2007-08 was 8.85 billion dollar.
The Congress seeks to insert a 'Buy American' clause in the $819 billion economic stimulus package for salvaging the US firms and its economy out of the worst recession in the
last 78 years.
If the Congress had its way, the firms seeking federal aid will have to buy only American manufactured iron and steel. Strongly opposing the move, President Barack Obama has warned that this could lead to trade wars which America can ill-afford at this point of time.
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