ID :
30391
Sat, 11/15/2008 - 22:47
Auther :
Shortlink :
https://www.oananews.org//node/30391
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Lee to propose global fight against trade protectionism
WASHINGTON, Nov. 14 (Yonhap) -- South Korean President Lee Myung-bak is planning
to ask world leaders to fight protectionism in trade and investment at the Group
of 20 financial summit set to take place here on Saturday, presidential aides
said Friday.
Lee is also to call for the expansion of currency swap deals between advanced and
emerging economies and other worldwide cooperative measures to stem the spread of
the U.S.-originated financial crisis, said the aides.
At the Group of 20 summit, formally titled the "Summit on Financial Markets and
the World Economy," Lee and other leaders of the world's 20 richest nations and
leading emerging economies will assess the causes of the international financial
crisis and discuss measures to prevent the recurrence of a similar credit crisis.
They will also seek ways to strengthen oversight of global financial markets.
U.S. President George W. Bush will host the summit, to be attended by the leaders
of Argentina, Australia, Brazil, Canada, China, France, Germany, India,
Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey,
Britain and the European Union.
"In his keynote speech, President Lee will express concern about a possible
spread of trade protectionism and propose that Group of 20 countries join the
so-called 'standstill' declaration calling for phasing out existing trade
barriers and placing a standstill on new ones," said a presidential aide on
condition of anonymity.
"Lee will urge the G-20 leaders to spearhead efforts to conclude the deadlocked
negotiations of the WTO Doha Development Agenda on global trade liberalization.
He will also stress the importance of closer currency swap cooperation between
advanced and emerging economies."
On ways to reinforce the functions of the International Monetary Fund (IMF), Lee
is planning to suggest a significant expansion of its funding resources to help
new emerging economies in need of foreign currency liquidity, said the aide.
Lee will then reiterate the importance of a "preemptive, decisive and sufficient
countermeasure" in the fight against the global economic crisis, he noted.
ycm@yna.co.kr
(END)
to ask world leaders to fight protectionism in trade and investment at the Group
of 20 financial summit set to take place here on Saturday, presidential aides
said Friday.
Lee is also to call for the expansion of currency swap deals between advanced and
emerging economies and other worldwide cooperative measures to stem the spread of
the U.S.-originated financial crisis, said the aides.
At the Group of 20 summit, formally titled the "Summit on Financial Markets and
the World Economy," Lee and other leaders of the world's 20 richest nations and
leading emerging economies will assess the causes of the international financial
crisis and discuss measures to prevent the recurrence of a similar credit crisis.
They will also seek ways to strengthen oversight of global financial markets.
U.S. President George W. Bush will host the summit, to be attended by the leaders
of Argentina, Australia, Brazil, Canada, China, France, Germany, India,
Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey,
Britain and the European Union.
"In his keynote speech, President Lee will express concern about a possible
spread of trade protectionism and propose that Group of 20 countries join the
so-called 'standstill' declaration calling for phasing out existing trade
barriers and placing a standstill on new ones," said a presidential aide on
condition of anonymity.
"Lee will urge the G-20 leaders to spearhead efforts to conclude the deadlocked
negotiations of the WTO Doha Development Agenda on global trade liberalization.
He will also stress the importance of closer currency swap cooperation between
advanced and emerging economies."
On ways to reinforce the functions of the International Monetary Fund (IMF), Lee
is planning to suggest a significant expansion of its funding resources to help
new emerging economies in need of foreign currency liquidity, said the aide.
Lee will then reiterate the importance of a "preemptive, decisive and sufficient
countermeasure" in the fight against the global economic crisis, he noted.
ycm@yna.co.kr
(END)
