Lee vows to urge free market, trade at Group of 20 summit

SEOUL, Nov. 8 (Yonhap) -- South Korean President Lee Myung-bak said Saturday that he will urge leaders of the Group of 20 countries to refrain from protectionist trade policies and stick to market economic principles when they meet in Washington next week.

Lee, meeting with his economic policy advisers, also said he will attempt to
engage in "substantial discussions" with the Group of 20 leaders about overcoming
the global economic crisis during the two-day summit set to open on Nov. 14,
according to presidential spokesman Lee Dong-kwan.
"During the Great Depression, countries worldwide raised tariffs and reinforced
their protectionist trade policy, triggering a further contraction of the global
economy. The ongoing financial crisis should not pave the ground for a return to
protectionist trade and a retreat in the market economy," the spokesman quoted
Lee as saying at the luncheon meeting with members of the National Economic
Advisory Council.
"The South Korean government will continue to take preemptive, decisive and
sufficient measures to prevent the financial crisis from spilling over into the
real economy. At the Group of 20 summit, I will try to engage in substantial
discussions about such realistic issues, instead of sticking to formalities," the
spokesman further quoted Lee as saying.
ycm@yna.co.kr