Special Report:Global Financial Crisis
¡¡ SANTIAGO, Nov. 21 (Xinhua) -- Mexican President Felipe Calderon Friday rejected trade protectionism as a way to cope with the current global financial crisis.
"The protectionism is a bad answer which could only worsen the problems in short terms... the free trade generates benefits for everybody," Calderon said here during a business seminar.
Calderon is on official visit to Santiago, where he will meet with his Chilean counterpart Michelle Bachelet and other authorities.
He said that the "policy of contracted spending" in some countries would not work at all if it was not coordinated, because "it lost the potential dynamic of the public spending."
The Mexican president said the emerging countries should be more involved in the decisions made by the international organs like the World Bank, and he also called for a reform of the international financial system.
"A better regulation is needed and it is required to distribute the risks among all the actors of the financial market. It is required to redesign the international financial organism," Calderon said.
Calderon and Bachelet will participate in the Economic Leaders' meeting of the Asian-Pacific Economic Cooperation (APEC) forum scheduled for Nov. 22-23 in Lima, Peru.
