S. Korean president warns against growing protectionism

By Byun Duk-kun
SYDNEY, March 4 (Yonhap) -- South Korean President Lee Myung-bak on Wednesday
called for joint efforts between South Korea and Australia to overcome the global
economic slowdown and expressed alarm at growing protectionist measures.
The statements came during a forum for South Korean and Australian business
representatives shortly after Lee arrived here for a 24-hour visit. The South
Korean president is due in Canberra Thursday for talks with Australian Prime
Minister Kevin Rudd.
"To overcome the economic and financial crisis, I think it is time for every
country in the world to join their efforts and take swift action," Lee told the
forum.
He said, however, that some countries are showing signs of turning protectionist.
"We know very well from our experience that this will only lead to a market
contraction and thus delay the recovery of the global economy," he said. "And
that is why I firmly believe protecting free trade is the surest way to
recovery."
The president noted official talks between Korea and Australia for a free trade
agreement (FTA) as proof of their countries' commitment to protect and promote
free trade.
"The trade volume between the two countries is fast increasing, jumping from
US$3.5 billion in 1990 to over $23 billion last year. The countries must now take
their relationship to the next level of cooperation based on their great
achievements," he said.
Lee and Rudd are expected to announce the start of official negotiations for the
Korea-Australia FTA when they meet in the Australian capital on Thursday.
Lee also said the world was now facing the dual crises of an economic downturn
and climate change. He called for increased cooperation between Seoul and
Canberra to fight global warming, noting green technology will provide their
firms with new business opportunities.
bdk@yna.co.kr
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