2005-2162 The Buddha’s birthday illuminates Seoul
The Buddha's birthday illuminates Seoul - Korea.net
The Buddha's birthday illuminates Seoul - Korea.net
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Diplomacy<br />
G-20 nations to cooperate<br />
for world economic recovery<br />
In London, leaders agree to oppose protectionism, spend on stimulus<br />
12 korea May 2009<br />
President Lee Myung-bak<br />
(front, far left) poses with<br />
other leaders of G-20 countries<br />
at an economic summit<br />
in London last month.<br />
Leaders of the world’s most powerful economies<br />
gathered in London on April 2 to set a<br />
road map to recovery amidst the worst economic<br />
downturn since the Great Depression<br />
of the 1930s. At the G-20 financial summit, the leaders<br />
hammered out a clear-cut, goal-specific agreement to<br />
fight the financial crisis.<br />
Addressing journalists after the G-20 summit,<br />
President Lee Myung-bak said the gathering of the<br />
world leaders was a success. “Each nation has diverse<br />
opinions, but British Prime Minister Gordon Brown<br />
worked very hard to narrow down the differences and<br />
coordinate the positions,” Lee said. “As a result, we<br />
have forged an agreement from diverse positions.”<br />
He went on to say that it is historically meaningful<br />
that emerging and advanced economies gathered and<br />
hammered out an agreement. “If this agreement is successfully<br />
implemented, it will be remembered as an<br />
example of how an unprecedented crisis can be resolved<br />
through international cooperation,” he added.<br />
During the summit, President Lee stressed the<br />
importance of coordinating the macroeconomic policies<br />
of the major economies and stopping the spread<br />
of trade and investment protectionism amidst a worsening<br />
economic crisis.<br />
It was not the first time Lee’s efforts to prevent the<br />
spread of protectionism had gained the support of<br />
world leaders. At the first G-20 financial summit in<br />
Washington, D.C. in November last year, Lee proposed<br />
a “standstill” commitment, urging member nations<br />
not to erect any new trade and investment barriers.<br />
<strong>The</strong> proposal gained support and was included in<br />
the declaration signed by G-20 leaders at the end of the<br />
Washington meeting. At the London meeting, G-20<br />
leaders extended their support for Korea’s proposal to<br />
expand the “standstill” commitment to not just trade<br />
and investment but also the financial industry.<br />
At the London summit, a further accord was<br />
reached on the need to reform international financial<br />
institutions, promote global trade and investment and<br />
reject protectionism.<br />
<strong>The</strong> so-called standstill commitment agreed upon<br />
at the November summit in Washington to prevent<br />
any new trade barriers will be extended for another<br />
year, leaders agreed. Following South Korea’s initiative,<br />
the World Trade Organization was given the authority<br />
to monitor measures around the world that restrict<br />
trade and release quarterly reports on the issue.<br />
May 2009 korea 13