Latin America Urged Against Protectionism

"Latin American leaders and executives urged governments in the region on Wednesday to stop erecting trade barriers, saying the financial crisis was a chance to tackle problems that have long hindered the region's competitiveness. Brazilian President Luiz Inacio Lula da Silva, hosting the Latin America World Economic Forum (WEF) in Rio de Janeiro, said protectionist moves by some countries would only deliver short-term relief from the economic downturn...." [Reuters/Factiva]

El Pais adds that "...in [Lula's] opinion, protectionism represents 'a disaster for the humanity and the economic development of the world....Protectionism is like a drug that offers an immediate shock but later places the victim in a prolonged depression,' he said...." [El Pais (Spain)/Factiva]

Also at the WEF, La Republica writes that "...World Bank Vice President for Latin America and the Caribbean Pamela Cox said that the countries would have to rely on fiscal solutions to the crisis to strengthen social safety nets... Additionally, Cox expressed concern with the recent protectionist measures, although she said that in general, she 'does not see a rise' in commercial barriers in the region...." [La Republica (Colombia)/Factiva]