BRUSSELS, July 24 (Xinhua) -- A European Union (EU) trade group on Monday warned on rising tide of protectionism in advanced economies, saying it is "short-sighted and ultimately self-defeating".
"The IMF has issued its latest six-monthly World Economic Outlook, which again marked a continued shift towards protectionism in advanced economies," noted a statement by EuroCommerce, a trade group representing the retail and wholesale trade sector.
The statement said the IMF report, other recent reports as well as the direct experience of retailers, wholesalers and traders show that there is a continued move away from open trading policies.
"Too many countries in and outside the EU are trying to gain a marginal advantage by creating new barriers to businesses seeking to offer choice and good service to consumers," said Christian Verschueren, director-general of EuroCommerce.
"This is short-sighted - and ultimately self-defeating, hindering countries' own growth and the creation of new jobs," he added.
Verschueren noted trade protectionism is also undermining the EU Single Market.
"An unfinished and fragmented Single Market costs consumers and businesses billions of euros every year," he said.
Verschueren said the IMF report provides further valuable evidence for why the EU needs to equip itself to compete globally by eliminating discriminatory and unjustified restrictions on providing consumers with the best goods and services.
The latest IMF World Economic Outlook listed "inward-looking policies" as one of the downside risks threatening the strength and durability of the recovery of the world economy.
"Over the longer term, failure to lift potential growth and make growth more inclusive could fuel protectionism and hinder market-friendly reforms," the IMF report warned.
