Bush allays India's concerns on 'protectionist cocoon'

WASHINGTON: In the face of India cautioning the West against protectionist policies to tide over global financial crisis, US President George W Bush today said world leaders have reaffirmed their faith in open markets and free trade.

"I am pleased that the leaders (of countries from 20 countries) reaffirmed the principles behind open markets and free trade," Bush said at the G20 Summit, allaying fears voiced by countries like India.

Ahead of the meeting, Finance Minister P Chidambaram who is accompanying Prime Minister Manmohan Singh for the meeting, has said, "The developed countries should not get into a protectionist cocoon in their anxiety to tide over the current crisis."

Bush, who convened the meeting of heads of 20 nations to discuss steps to wriggle out of the financial upheaval, said, "One of the dangers during a crisis such as this is that people will start implementing protectionist policies."

Besides Singh, British Premier Gordon Brown and French President Nicolas Sarkozy and Russian President Medvedev are among the world leaders participating in the one-day summit.