July 08, 2005
WTO Says Western Concerns Over Outsourcing are Overblown
The World Trade Organization (WTO) has recently released what has been taken as a rather scathing criticism of western nations who are increasingly reverting to protectionism in an effort to insulate domestic workers from foreign competition and job loss through outsourcing. The report quite expectedly, reiterates the benefits of the free market, discussing the benefits of injecting cheaper imputs to drive long-term productivity and innovation. It also argued that the hype has been far overblown with far fewer jobs being lost through offshore outsourcing than people suspect. The report also tried to put into perspective the relative size of the IT offshoring industry, which make up less than 2.5% of commercial service in that period. New Kerala Reports:
Refutting the apprehension the report said, "the most curious aspect of this heated debate is that all expectations and fears of outsourcing and the backlash against it in the high income countries are based on very partial, selective information, mostly from private sources or anecdotal evidence."
Read More: Developed countries apprehension of jobloss due to outsourcing is exaggerated: WTO
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