From Fazle Rashid

NEW YORK, July 02: Negative measures are being pushed to offset the crippling impact of the economic downturn even as analysts have started to see light at the end of tunnel with great caution though. Major economies have started to resort to protectionism and banks are raising charges for bounced cheque, stop payment advice and ATM service to offset their losses.

Group of Twenty (G-20) leaders during their last summit meeting had made a solemn pledge to " resist protectionism" and other trade barriers. The global trade has plummeted causing worldwide concerns. Protectionism is now being applied for mere survival. World Trade Organisation (WTO) which is closely monitoring the international trade has found out that 24 nations and the EU together have adopted more 83 trade-restricting measures. The world trade will contract 10 per cent this year.

The barriers include stepping up anti-dumping drive, providing export incentives and raising tax up to a limit that would not infringe law. All major economies have taken measures to protect domestic produce. Corporate lawyers are expecting a rise in anti-dumping complaints.

International Monetary Fund ( IMF ) is planning to issue its own debt to strengthen its capacity to fund bail-outs. The World Bank (WB) has already committed a loan of $59 billion to the developing countries. The IMF will issue interest bearing notes on the assurance that it will receive funds from China, Brazil and Russia , three of the four BRIC nations. It will give China, Russia and Brazil a big leverage for increased say in the governance of the IMF. The request for WB loan has increased considerably from the poor nations.

The spurt in bank charges is becoming a grave concern for the small depositors. Americans are paying more to save and spend their money, the New York Times (NYT) reported today. The nation's biggest banks ,those that received the biggest bailout from taxpayers charge fees that are on average 20 per cent higher than before, the same paper said. Fees at the biggest banks are running at their highest level on record

The airline industry is passing through a very critical period. First it was hit by the galloping price of oil now it is facing the severest fall in the number of passengers due to economic downturn.

Meanwhile, there have been a spate of air crashes in recent days. The clamour for blacklisting airlines that do not follow the minimum international safety standard is growing. The crash of Yemeni passenger jet killing more than 152 people has raised serious concern about coordination of international air safety standard. International Civil Aviation Organisation, a UN body is under pressure to "draw up a global blacklist of aircraft deemed unsafe to fly".