Protectionism is increasing—fund

Press, 2 August 1977, Page 9

Protectionism is increasing—fund

NZPA-Reuter Washington Protectionism in both developing and industrial countries is growing, the International M< nelan Fund savs. The 1.M.F.. tn Us twenty-eighth annual report on exchange re strictions -aid import curbs appeared to be at a higher level than they were before the start of the world-wide recession in 1974 "A larger number of countries anti a greater proportion of world trade become subject to more restrictive policies, especially non-tariff barriers to imports applied on a selective basis." it said. The I M F. said measures to restrict imports were supported to an increasing extent by export restraint agreements.

It also said real output in industrial countries rose by about 5.5 per cent in 19*6 while inflation was lowet than in the previous twe years. World trade was u( II per cent tn 1976, ant world unemployment cot> tinued to be high. The I.M.F. pointed oui that though such export r» straint agreements were non mally negotiated betweet industrial and developing countries, thex had als< been used recently to ra strain trade between some oi the industrial countries It said several countries of the I umpean l<onon’’f Community had maintained or introduced nexx quotas oi licensing procedures it accordance with 1.1 -C directives or decisions whilf easing some of the import restraints introduced earlier.