Globalisation will create jobs, says trade chief

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Britain and America have an opportunity to lead the global economy by example and take a stand against protectionism, the UK's trade chief has told US businessmen and politicians.

Speaking in Washington D.C. at the US Chamber of Commerce, newly appointed secretary of state for trade and industry Alistair Darling made a call for fairer trade and stressed that globalisation can lead to new markets and increased jobs at home.

"As developing countries grow wealthier they will become new markets into which we can trade a wider range of products," Darling said.

"New jobs come with increased trade in goods and services: lower prices for goods in our shops; lower interest rates; higher economic growth; and, higher employment for our people."

However, he pointed out that for this to happen, one country's benefits must not come at the expense of another's and countries like Britain and the United States must not resort to protectionist measures.

"We have a choice: to retreat behind national borders and hope that barriers can keep the effects of globalisation at bay or to have confidence in our ability to face the challenges head on and to make globalisation a force for good," he said.

"Globalisation is an opportunity not a threat. To respond by resorting to protectionism will lead to less trade, lower growth and lower employment. That's the real threat to business and us all.

"Both the US and the UK have an opportunity to lead and shape events, show how globalisation and a growing world economy can bring new jobs and increasing prosperity for our people."