51. He said higher duties for imported beer, wine, liquor and luxury products would protect local industries while increasing revenue. 52. He wants to slash government spending on public-works projects, force banks to write off their bad loans and dismantle regulations blamed for protecting inefficient industries. 53. However, the government is keen to protect fledgling industries from foreign competition and to strengthen its customs network. 54. Indonesia and Malaysia have done better but still protect favored industries. 55. It pointed out that WTO regulations state such action to protect an industry can only be taken in an emergency caused by sharp and sudden rises in imports. 56. It is a waste of time and resources to protect any industry. 57. Joining the WTO involves dropping trade barriers that protect local industries, and some members are tempted not to comply with the painful rules. 58. Japan is gradually reducing its traditional reliance on government intervention that has long protected service industries such as banking, insurance and telecommunications, said the WTO report. 59. Malacanang is considering proposals by certain business sectors to impose a surtax on all imports that compete with locally produced products in order to protect domestic industries. 60. Malaysia often speaks for poorer countries that depend on tariff barriers to protect their industries from powerful exporters like the United States and Japan. |