ID :
31768
Sun, 11/23/2008 - 07:34
Auther :
Shortlink :
https://www.oananews.org//node/31768
The shortlink copeid
Lee calls for 'unprecedented measures' to fight economic crisis
LIMA, Nov. 22 (Yonhap) -- South Korean President Lee Myung-bak on Saturday urged Asia Pacific countries to reject trade protectionism and enforce "unprecedented measures" in the face of an "unprecedented" economic crisis.
Speaking to a summit of Asia Pacific business leaders, Lee called on the world's
major economies to expand the supply of foreign currency liquidity to emerging
economy countries, as part of an international cooperation in fighting the
ongoing financial crisis.
"Countries worldwide should strive to stimulate their economies through fiscal
expansion and tax reduction, pay extraordinary attention to small and
medium-sized enterprises and boost their policy effects through closer regional
and international cooperation," said Lee at the meeting held ahead of the annual
Asia Pacific Economic Cooperation (APEC) forum summit.
"A possible negative economic growth in the U.S., Europe, Japan and other
advanced economies next year could have devastating impact on the entire world.
Should the slump in the real economy be protracted, companies will go bankrupt
and countless jobs will be lost, and poor nations and poor people will suffer the
most damage."
Lee then urged all advanced economies to make all possible efforts to avert
negative growth in 2009, while also calling for greater investment in clean
energies to fight climate change.
"Individual countries should ensure a stable flow of foreign currency liquidity
and provide their business sectors with sufficient foreign currencies. Such
countermeasures should be taken in a preemptive, sufficient and decisive manner,"
said the president.
U.S. President George W. Bush and other regional leaders also shared the
anti-protectionist view in their respective addresses, seeking to build on last
weekend's Group of 20 summit in Washington, which proposed that nations commit to
not erecting new trade barriers over the next 12 months.
The leaders of the 21-member grouping of Pacific Rim economies, which also
includes China, Japan, Russia and Australia, met behind closed doors Saturday to
discuss ways to combat the financial crisis and other pending global problems.
Speaking to a summit of Asia Pacific business leaders, Lee called on the world's
major economies to expand the supply of foreign currency liquidity to emerging
economy countries, as part of an international cooperation in fighting the
ongoing financial crisis.
"Countries worldwide should strive to stimulate their economies through fiscal
expansion and tax reduction, pay extraordinary attention to small and
medium-sized enterprises and boost their policy effects through closer regional
and international cooperation," said Lee at the meeting held ahead of the annual
Asia Pacific Economic Cooperation (APEC) forum summit.
"A possible negative economic growth in the U.S., Europe, Japan and other
advanced economies next year could have devastating impact on the entire world.
Should the slump in the real economy be protracted, companies will go bankrupt
and countless jobs will be lost, and poor nations and poor people will suffer the
most damage."
Lee then urged all advanced economies to make all possible efforts to avert
negative growth in 2009, while also calling for greater investment in clean
energies to fight climate change.
"Individual countries should ensure a stable flow of foreign currency liquidity
and provide their business sectors with sufficient foreign currencies. Such
countermeasures should be taken in a preemptive, sufficient and decisive manner,"
said the president.
U.S. President George W. Bush and other regional leaders also shared the
anti-protectionist view in their respective addresses, seeking to build on last
weekend's Group of 20 summit in Washington, which proposed that nations commit to
not erecting new trade barriers over the next 12 months.
The leaders of the 21-member grouping of Pacific Rim economies, which also
includes China, Japan, Russia and Australia, met behind closed doors Saturday to
discuss ways to combat the financial crisis and other pending global problems.
