ID :
30538
Sun, 11/16/2008 - 21:01
Auther :
Shortlink :
https://www.oananews.org//node/30538
The shortlink copeid
Lee asks world leaders to shun 'beggar-thy-neighbor' policies
WASHINGTON, Nov. 15 (Yonhap) -- South Korean President Lee Myung-bak on Saturday
urged global leaders not to repeat the "beggar-thy-neighbor policies" of the
Great Depression days in order to bring about a speedy recovery from the ongoing
financial crisis.
In a speech at the working lunch of the Group of 20 financial summit, Lee also
called on the world's richest and leading emerging economies to spearhead efforts
to conclude the deadlocked negotiations of the WTO Doha Development Agenda on
global trade liberalization.
"We had very useful discussions on how to resolve the current financial crisis
and ways to prevent the recurrence of another crisis. In our efforts to keep our
real economies from being affected, I cannot overemphasize the critical
importance of maintaining free trade and an open market as the key," said Lee.
"Going further back in history, we also learn that during the Great Depression of
the 1930s, countries decided to increase tariffs and raise trade barriers, which
inevitably stifled trade and prolonged worldwide economic stagnation. We must not
repeat such beggar-thy-neighbor policies."
Beggar-thy-neighbor policies refer to international trade regimes that emphasize
competitive devaluations and increased protective barriers that one country
institutes to gain at the expense of its trading partners.
Lee looked back to South Korea's experiences during a foreign exchange crisis in
the late 1990s, noting his country had successfully recovered from the crisis in
record time by carrying out extensive reforms to open up its economy, instead of
adopting protectionist measures.
"Based on these experiences, I made this morning two recommendations for
maintaining an open economy. One was for countries to agree to a stand-still
declaration, whereby countries will erect no new barriers to trade and
investment," said the president.
"My second recommendation called on the global community to work together towards
an early and successful conclusion of the Doha Round."
ycm@yna.co.kr
(END)
urged global leaders not to repeat the "beggar-thy-neighbor policies" of the
Great Depression days in order to bring about a speedy recovery from the ongoing
financial crisis.
In a speech at the working lunch of the Group of 20 financial summit, Lee also
called on the world's richest and leading emerging economies to spearhead efforts
to conclude the deadlocked negotiations of the WTO Doha Development Agenda on
global trade liberalization.
"We had very useful discussions on how to resolve the current financial crisis
and ways to prevent the recurrence of another crisis. In our efforts to keep our
real economies from being affected, I cannot overemphasize the critical
importance of maintaining free trade and an open market as the key," said Lee.
"Going further back in history, we also learn that during the Great Depression of
the 1930s, countries decided to increase tariffs and raise trade barriers, which
inevitably stifled trade and prolonged worldwide economic stagnation. We must not
repeat such beggar-thy-neighbor policies."
Beggar-thy-neighbor policies refer to international trade regimes that emphasize
competitive devaluations and increased protective barriers that one country
institutes to gain at the expense of its trading partners.
Lee looked back to South Korea's experiences during a foreign exchange crisis in
the late 1990s, noting his country had successfully recovered from the crisis in
record time by carrying out extensive reforms to open up its economy, instead of
adopting protectionist measures.
"Based on these experiences, I made this morning two recommendations for
maintaining an open economy. One was for countries to agree to a stand-still
declaration, whereby countries will erect no new barriers to trade and
investment," said the president.
"My second recommendation called on the global community to work together towards
an early and successful conclusion of the Doha Round."
ycm@yna.co.kr
(END)
