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Union Commerce Minister Anand Sharma, while addressing the World Economic Forum's India Economic Summit in New Delhi, has mentioned that the global economic recession will continue if the developed nations stick on to protectionism.
"If countries go in for protectionist measures, this could be counter-productive and only prolong recession," said Sharma.
He mentioned that the world nations which are coming out of economic meltdown would not resort to protectionism.
"When we talk about protectionism, India has shown the way (in not adopting it). We have signed free trade agreement with ASEAN. We took the steps to re-energise the WTO talks," he said, with reference to the India – ASEAN trade deal as well as ongoing trade negotiations at the World Trade Organisation (WTO).
He also mentioned that India has been successful in arresting the steep fall of trade.
"Whether this turnaround will be durable is to be seen in the coming months," the minister said.
