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US not in favour of protectionism: Geithner

Lalit K Jha in Washington | March 31, 2009 12:26 IST

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Even as US President Barack Obama urged his countrymen to buy American cars, the United States Treasury Secretary on Monday insisted that the country is not in favour of protectionism and has a great interest in a growing open world economy.

"We are very committed to avoid protectionism; we are committed to open trade and investment policy that is a critical part of any successful global approach to this crisis," US Treasury Secretary Timothy Geithner said at a media round table with select foreign journalists.

"The (US) President has been very clear in public (about) his commitment to engagement with growth; working with the world economy; ever more working ties with the rest of the world," he said in response to a question about concerns in the other countries of the world about US resorting to protectionist measures.

"Businesses across America have a deep interest in a growing open world economy and we benefit hugely from the openness we provide," he said.

"...we all have a huge interest in making sure that we prevent any intensification (of protectionist measures)," said the Treasury secretary.

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