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2005-2162 The Buddha’s birthday illuminates Seoul

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

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