Lee vows to lift unnecessary regulations, offer trade support for companies

SEOUL, June 13 (Yonhap) -- President Lee Jae-myung on Friday pledged to lift unnecessary regulations and provide supports on trade to companies, saying that his government would pursue a "pragmatic and flexible" trade policy to overcome crisis.

Lee made the remarks at a meeting with the heads of the nation's top five conglomerates, including Samsung Electronics Co. Chairman Lee Jae-yong.

Lee told them that people's livelihoods are the most important issue, saying that improving their livelihoods hinges on companies.

"As for the government, the most important thing is to actively support and cooperate with entrepreneurs and for each company to contribute to economic growth and development," Lee said.

Among other attendees were SK Group Chairman Chey Tae-won, Hyundai Motor Group Chair Euisun Chung, LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin.

Lee expressed his commitment to deregulation but stressed that regulations essential for ensuring fair competition in the market must remain in place.

On tariff negotiations with the United States, Lee said he will speed up working-level consultations, noting he agreed with U.S. President Donald Trump to work toward a mutually satisfactory agreement during their phone talks last week.

"We are facing a major transformation in global trade norms amid the rise of protectionism, economic nationalism and the fragmentation of global supply chains," Lee was quoted as saying by presidential spokesperson Kang Yu-jung.

"The government will do its utmost to overcome this crisis through pragmatic and flexible trade policies under the principle of prioritizing our national interests," Lee was quoted as saying.

Other attendees included the heads of six major economic organizations, including Sohn Kyung-shik, chairman of the Korea Enterprises Federation, and Yoon Jin-sik, chairman of the Korea International Trade Association.

julesyi@yna.co.kr
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