British envoy says G-20 summit will help turn tide of financial crisis

By Byun Duk-kun
SEOUL, March 30 (Yonhap) -- The upcoming summit of world economic leaders in
London this week may provide a turning point in the fight against the global
financial crisis, Britain's top envoy to Seoul said Monday, while South Korean
President Lee Myung-bak's call for a "roll-back" of protectionist measures is
expected to become the main topic of the London meeting.
Martin Uden noted the outcome of the London summit will only be known once it is
over, but said the very fact that the leaders are gathering to discuss action
against the growing protectionism will send a very "important symbol."
"The very fact that leaders are coming together and agreeing on stimulating
measures will help get the world economy moving again," the British ambassador
said in a meeting with journalists here.
The Group of 20 or G-20 summit will be held Thursday, involving the heads of the
world's 20 major economies, including the United States, Japan and the European
Union.
Uden said the meeting, the second of its kind since its establishment in
November, had three main objectives; to get the world economy moving again,
reform the world financial market to make sure this kind of problem does not
arise again and to send a strong anti-protectionist message.
While getting the world economy moving again, the British diplomat said, it is
also important to make sure that the world economy is greener once it recovers.
"I don't know precisely how we are going to be formulating that...but the
principle is important. It will also help us deal with the threat of green house
gases and global warming," he said.
The most important message from the London summit, according to Uden, will be for
the countries not to introduce further protectionist measures.
The British envoy said some sort of monitoring mechanism will likely be
introduced under the World Trade Organization (WTO).
The move, if introduced, will come under the call of the South Korean president,
who has repeatedly urged the countries to "roll back" trade and finance
protectionist measures.
In an interview with the British newspaper Financial Times, published Monday, Lee
said he will propose at the G-20 summit that the WTO regularly report on
countries engaged in protectionist measures.
"If we are bringing together over 20 leaders from around the world, if we can
agree on substantial measures, it will be a (turning point)," Uden said.
On the North Korean missile issue, the British ambassador said Britain will call
for and support "the strongest diplomatic measures" against North Korea should
the North actually does launch what it claims to be a satellite.
North Korea has vowed to make retaliate strongly against any attempt to condemn
its missile launch, claiming it has the same right as every other nation to
develop space technology.
Uden, referring to a U.N. Security Resolution banning North Korea from any
missile activities, said the launch will violate the resolution even if it is a
satellite.
bdk@yna.co.kr
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