Lee cautions against protectionist trade policies

By Yoo Cheong-mo

SEOUL, Oct. 21 (Yonhap) -- President Lee Myung-bak on Tuesday stressed that concerted worldwide efforts are needed to overcome the unfolding financial crisis, saying all countries across the world should refrain from protectionist trade policies.

"All countries worldwide should not move back to trade protectionism. Instead,
all governments have to expand their fiscal expenditures to help boost
consumption and stimulate the global economy," Lee said while meeting with all
Seoul-based foreign ambassadors at the presidential office.
"Looking back on the days of the Great Depression, we can learn that the global
economic slump further worsened and was prolonged at that time because countries
worldwide resorted to protectionist trade policies by raising customs and taxes,"
said Lee.
He then proposed closer worldwide policy cooperation to help turn the ongoing
crisis into a good opportunity to revive the global economy.
"The entire world economy has been hit hard by the financial crisis, reminding us
of the importance of policy coordination among countries across the world. It is
difficult for any country on the globe to independently stand up to the crisis,"
said Lee.
The Cheong Wa Dae meeting drew 166 top foreign diplomats stationed in Seoul and
121 Korean diplomatic figures.