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Pres. Lee to Urge Free Trade at G20 Summit

Posted November. 15, 2008 09:41,   


President Lee Myung-bak plans to urge world leaders to refrain from erecting trade and investment barriers at the G20 summit in Washington today.

In his keynote speech, President Lee will say protectionism will damage the world economy, especially emerging economies, according to the presidential office of Cheong Wa Dae yesterday.

He will also ask the G20 to take the initiative in the early conclusion of the World Trade Organization`s Doha Development Agenda negotiations in the face of the real economy slump and the worst financial crisis since the 1930s.

President Lee will also urge major industrial economies to expand foreign currency swap deals with developing nations, underlining the importance of increasing foreign currency liquidity in emerging countries.

On strengthening the role of the International Monetary Fund, he will propose expanding the financial resources of the fund to help emerging nations in case of a shortage of foreign currency liquidity.

Participants of the meeting included the leaders of 20 industrialized and developing countries, the IMF managing director, the World Bank president, the United Nations secretary general and the chairman of the Financial Stability Forum.

President Lee arrived in Washington yesterday and visited the Brookings Institute. He will tour the United States and South America for 13 days.