Lee pledges key role in new global economic order

(ATTN: UPDATES with rival parties' reactions in last six paras)
By Yoo Cheong-mo
SEOUL, Nov. 17 (Yonhap) -- President Lee Myung-bak said on Monday that South
Korea has an important role to play in mediating between advanced and emerging
economies in the ongoing global effort to overcome the financial crisis and to
establish a new economic and financial order.
In his biweekly radio address, Lee also said his proposals for the prevention of
trade protectionism, the expansion of currency supply to emerging economy
countries and economic stimulation by means of fiscal expansion and tax cuts were
fully supported by leaders of the Group of 20 countries at their unprecedented
summit in Washington on Saturday.
The president then called for greater national unity in order to overcome the
current economic crisis, create more job opportunities and keep healthy small-
and medium-sized companies in business.
"Korea is one of a few countries that can play a mediator's role between advanced
and emerging economies and between Western and Asian countries," Lee said in his
address recorded earlier in the U.S.
Lee is now in Washington D.C. after attending the G-20 summit and meeting with
top policy advisers of U.S. President-elect Barack Obama and other global leaders
over the weekend. This week, he is scheduled to visit Brazil and Peru before
attending the Asia Pacific Economic Cooperation forum summit in the Peruvian
capital of Lima from Nov. 22-23.
"In this turbulent time, we have to elevate our country's international status
through pragmatic and proactive diplomacy and active contributions to the global
community. I, as president, am determined to faithfully carry out the task."
The president also placed special meaning on South Korea being picked among a
troika of G-20 policy mediator countries, along with Brazil and Britain.
"The G-20 summit ended in a bigger-than-expected success, as some people call the
summit meeting one of the most important events of this century. The status and
voice of newly emerging economies has greatly increased through the summit," said
the president.
"At present, the G-20 has no chair country. The inclusion of Korea in the troika
of policy moderator countries is historically meaningful, as the nation has to
play a critical role in mapping out important global tasks."
Rival parties showed sharply conflicting reactions to the president's radio address.
The ruling Grand National Party (GNP) said it has awakened the nation to the
importance of national unity in the face of the worldwide financial crisis.
"The Japanese government's decision to put off a general election to concentrate
on overcoming the economic crisis and the close cooperation between the U.S.
administration and Congress illustrates the importance of national unity in
tiding over the crisis," GNP spokeswoman Cho Yoon-sun said.
"We should heed the president's pain-sharing proposal."
But the main opposition Democratic Party accused the president of attempting to
pass on the responsibility for the economic crisis to the opposition parties and
the public.
"We have cooperated with the Lee government's repeated call for national unity.
But the government has continuously made policy mistakes," DP spokesman Choi
Jae-sung said. "The opposition parties have also supported the government's bid
to guarantee banks' foreign debts, but President Lee's Cabinet has adhered to
mistaken policies, incurring serious distrust from the market."
ycm@yna.co.kr
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