ID :
53021
Tue, 03/31/2009 - 08:08
Auther :
Shortlink :
https://www.oananews.org//node/53021
The shortlink copeid
Geithner warns against protectionism, pledges FTA advancement
WASHINGTON, March 30 (Yonhap) -- U.S. Treasury Secretary Timothy Geithner Monday warned against growing protectionism amid the worst economic crisis in decades, and pledged to move forward with pending free trade agreements with South Korea, Colombia and Panama.
In a news briefing held just days ahead of the G-20 economic summit in London,
Geithner, however, would not elaborate on whether U.S. President Barack Obama
would pledge support for the Korea FTA in his bilateral summit with South Korean
President Lee Myung-bak, set to be held Thursday.
"The president has been very clear in public about his commitment to engagement
with economies," Geithner said. "We are looking for ways to move forward across
the world on the trade agenda."
He underlined that President Obama recognizes how important it is for the U.S.
economy to "continue to engage to benefit from growing open markets in the
world."
Observers expect Lee and Obama to address the FTA in their summit, the first
since Obama's inauguration, to be held on the sidelines of the G-20.
Lee has been active in promoting free trade and railing against protectionism
since the G-20 economic summit held in Washington last November.
Speaking about the summit agenda, Michael Froman, deputy national security
adviser, said, "The presidents will discuss a wide range of economic and
strategic issues. You see North Korea will be on the agenda as well as a number
of our bilateral economic and other issues."
Geithner called for the members of the Group of 20 advanced economies, who
comprise 85 percent of the global economy. to form a united front to break out of
the worsening recession.
"We each have to look carefully at the challenges each of our countries face and
make sure that we are doing what's necessary in our own countries to help get
recoveries established," he said. "The power of each of our individual actions
will be greater if we are moving together."
"I think in this basic framework of strong support for recovery, openness in
trade and investment-side support for the international financial institutions
... is a very strong basis for support consensus among the governments of G-20,
more support I think you've seen in decades."
Among the G-20 agenda items are ways to boost demand and jobs, fix the
international financial system to get lending moving again and discouraging
protectionism.
hdh@yna.co.kr
(END)
In a news briefing held just days ahead of the G-20 economic summit in London,
Geithner, however, would not elaborate on whether U.S. President Barack Obama
would pledge support for the Korea FTA in his bilateral summit with South Korean
President Lee Myung-bak, set to be held Thursday.
"The president has been very clear in public about his commitment to engagement
with economies," Geithner said. "We are looking for ways to move forward across
the world on the trade agenda."
He underlined that President Obama recognizes how important it is for the U.S.
economy to "continue to engage to benefit from growing open markets in the
world."
Observers expect Lee and Obama to address the FTA in their summit, the first
since Obama's inauguration, to be held on the sidelines of the G-20.
Lee has been active in promoting free trade and railing against protectionism
since the G-20 economic summit held in Washington last November.
Speaking about the summit agenda, Michael Froman, deputy national security
adviser, said, "The presidents will discuss a wide range of economic and
strategic issues. You see North Korea will be on the agenda as well as a number
of our bilateral economic and other issues."
Geithner called for the members of the Group of 20 advanced economies, who
comprise 85 percent of the global economy. to form a united front to break out of
the worsening recession.
"We each have to look carefully at the challenges each of our countries face and
make sure that we are doing what's necessary in our own countries to help get
recoveries established," he said. "The power of each of our individual actions
will be greater if we are moving together."
"I think in this basic framework of strong support for recovery, openness in
trade and investment-side support for the international financial institutions
... is a very strong basis for support consensus among the governments of G-20,
more support I think you've seen in decades."
Among the G-20 agenda items are ways to boost demand and jobs, fix the
international financial system to get lending moving again and discouraging
protectionism.
hdh@yna.co.kr
(END)
