S. Korean business leader warns of protectionism

SEOUL, March 16 (Yonhap) -- The head of South Korea's largest business lobby said
Monday that the world must fight trade protectionism to help speed up recovery of
the troubled global economy.
Cho Suck-rai, chairman of the Federation of Korean Industries, also called for
the world's 20 biggest economies to present measures to ease credit constraints
in emerging markets.
"To overcome the global economic crisis, protectionism should be aggressively
resisted," Cho said in a speech to a meeting of business leaders ahead of the G20
meeting of finance ministers in London.
"In addition, advanced economies must refrain from retrieving their money from
emerging markets to ensure a smooth capital flow in developing nations," Cho said
in the speech.
Outbreaks of so-called "economic patriotism," including the "Buy America" clause
in Washington's economic stimulus package, have increased worldwide in recent
months in the wake of what many economists say is the worst global recession
since World War II.
The U.S. has come under fire for the clause that requires foreign companies to
use products manufactured in the U.S. when participating in projects funded by
the stimulus package.
On April 2, leaders of the G20 economies will hold a summit in London to hammer
out measures to get the world economy out of recession.
Global trade is expected to contract 2.1 percent this year, the first decline
since 1982, according to data by the World Bank.
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