ID :
34909
Wed, 12/10/2008 - 16:07
Auther :
Shortlink :
https://www.oananews.org//node/34909
The shortlink copeid
Protectionism `wrong` in times of crisis: British treasurer
By Tony Chang
SEOUL, Dec. 10 (Yonhap) -- Britain's treasury secretary on Wednesday advised nations against pushing for protectionist policies amid a global economic downswing, saying that free trade is a key force in the expansion of the world economy.
"While one can understand why there might be protectionist pressures (during an
economic downturn), we are very clear that would be the wrong direction to move
in," Stephen Timms, financial secretary to the Treasury of Britain, told
reporters in Seoul.
Timms was visiting South Korea to coordinate agendas and other items to be
covered during the upcoming G-20 summit with economic officials here. The G-20 is
scheduled to be held in April of next year in London. The two countries and
Brazil have been tapped as moderators and are to prepare policy agendas for the
summit.
Timms' call for continued expansion of international trade amid a financial
crisis comes following recent remarks by U.S. President-elect Barack Obama, who
expressed reservations about his country's free trade agreement with South Korea,
describing the deal as "badly flawed."
Obama's presidential victory last month prompted South Korean media to raise
concerns that exporters, such as Hyundai Motor Co., could take a hit if the U.S.
president-elect puts forward protectionist policies.
"It would be a serious mistake if we were to succumb to protectionist pressures,
especially in these times," Timms said, quoting British Prime Minister Gordon
Brown.
The secretary also underlined the gravity of the role Britain, Brazil and South
Korea will play in the upcoming G-20 summit.
"It is a critically important role, as the next year or two will be really
important years which will effect the well-being of the world economy in the
years to come," said the secretary.
He also praised South Korea's active engagement in next year's G-20 summit
preparation, saying it is taking its role "very seriously" and that he welcomes
the enthusiasm.
Timms projected that the global economy will undergo a "difficult year" in 2009,
but forecast a return to growth starting in 2010.
Timms also called for a coordinated effort in tackling the global economic
downturn, saying the crisis can only be contained through cooperation and sharing
of information.
"It's quite clear that although the problems that we are all currently facing
started in the U.S., they (spread) quite fast to emerging countries as well as to
developed countries."
odissy@yna.co.kr
(END)
SEOUL, Dec. 10 (Yonhap) -- Britain's treasury secretary on Wednesday advised nations against pushing for protectionist policies amid a global economic downswing, saying that free trade is a key force in the expansion of the world economy.
"While one can understand why there might be protectionist pressures (during an
economic downturn), we are very clear that would be the wrong direction to move
in," Stephen Timms, financial secretary to the Treasury of Britain, told
reporters in Seoul.
Timms was visiting South Korea to coordinate agendas and other items to be
covered during the upcoming G-20 summit with economic officials here. The G-20 is
scheduled to be held in April of next year in London. The two countries and
Brazil have been tapped as moderators and are to prepare policy agendas for the
summit.
Timms' call for continued expansion of international trade amid a financial
crisis comes following recent remarks by U.S. President-elect Barack Obama, who
expressed reservations about his country's free trade agreement with South Korea,
describing the deal as "badly flawed."
Obama's presidential victory last month prompted South Korean media to raise
concerns that exporters, such as Hyundai Motor Co., could take a hit if the U.S.
president-elect puts forward protectionist policies.
"It would be a serious mistake if we were to succumb to protectionist pressures,
especially in these times," Timms said, quoting British Prime Minister Gordon
Brown.
The secretary also underlined the gravity of the role Britain, Brazil and South
Korea will play in the upcoming G-20 summit.
"It is a critically important role, as the next year or two will be really
important years which will effect the well-being of the world economy in the
years to come," said the secretary.
He also praised South Korea's active engagement in next year's G-20 summit
preparation, saying it is taking its role "very seriously" and that he welcomes
the enthusiasm.
Timms projected that the global economy will undergo a "difficult year" in 2009,
but forecast a return to growth starting in 2010.
Timms also called for a coordinated effort in tackling the global economic
downturn, saying the crisis can only be contained through cooperation and sharing
of information.
"It's quite clear that although the problems that we are all currently facing
started in the U.S., they (spread) quite fast to emerging countries as well as to
developed countries."
odissy@yna.co.kr
(END)
