ID :
66491
Thu, 06/18/2009 - 20:40
Auther :
Shortlink :
https://oananews.org//node/66491
The shortlink copeid
S. Korea warns against protectionism
By Kim Deok-hyun
SEOUL, June 18 (Yonhap) -- South Korea warned governments around the world
Thursday against the increasing adoption of trade-restricting measures, saying
protectionism will significantly delay an economic recovery.
Speaking at the World Economic Forum on East Asia in Seoul, South Korean Deputy
Trade Minister Ahn Ho-young urged businesses and political leaders to avert
rising protectionist moves.
"If we can't successfully deal with protectionism, then our recovery will be long
delayed," Ahn said.
Saying that the Group of 20 industrialized nations is not representative enough,
Ahn added the South Korean government would conduct "wide-ranging consultations"
around the world to fight against protectionism.
Rising trade protectionism, both in developed and emerging economies, is no
longer a theoretical threat.
According to data by the World Bank, 47 new trade-restricting measures were
implemented between October 2008 and February 2009 as a result of contraction in
global trade.
Outbreaks of so-called "economic patriotism," including the "Buy America" clause
in Washington's economic stimulus package, have increased worldwide in recent
months in the wake of what many economists say is the worst global recession
since World War II.
The U.S. has come under fire for the clause, which requires foreign companies to
use products manufactured in the U.S. when participating in projects funded by
the stimulus package.
"The result of trade protectionism could be catastrophic, especially in terms of
its impact on employment because of Asia's comparative advantage in
labor-intensive manufacturing," the Geneva-based World Economic Forum said in a
report.
The economic crisis is shutting down Asia's engine of job creation, it said.
For instance, China needs to find employment for 20-22 million new entrants into
the labor market each year. With its growth rate halved, China now can create
only seven million jobs a year, according to the report.
Global trade is expected to contract 2.1 percent this year, the first decline
since 1982, the World Bank data showed.
kdh@yna.co.kr
(END)
SEOUL, June 18 (Yonhap) -- South Korea warned governments around the world
Thursday against the increasing adoption of trade-restricting measures, saying
protectionism will significantly delay an economic recovery.
Speaking at the World Economic Forum on East Asia in Seoul, South Korean Deputy
Trade Minister Ahn Ho-young urged businesses and political leaders to avert
rising protectionist moves.
"If we can't successfully deal with protectionism, then our recovery will be long
delayed," Ahn said.
Saying that the Group of 20 industrialized nations is not representative enough,
Ahn added the South Korean government would conduct "wide-ranging consultations"
around the world to fight against protectionism.
Rising trade protectionism, both in developed and emerging economies, is no
longer a theoretical threat.
According to data by the World Bank, 47 new trade-restricting measures were
implemented between October 2008 and February 2009 as a result of contraction in
global trade.
Outbreaks of so-called "economic patriotism," including the "Buy America" clause
in Washington's economic stimulus package, have increased worldwide in recent
months in the wake of what many economists say is the worst global recession
since World War II.
The U.S. has come under fire for the clause, which requires foreign companies to
use products manufactured in the U.S. when participating in projects funded by
the stimulus package.
"The result of trade protectionism could be catastrophic, especially in terms of
its impact on employment because of Asia's comparative advantage in
labor-intensive manufacturing," the Geneva-based World Economic Forum said in a
report.
The economic crisis is shutting down Asia's engine of job creation, it said.
For instance, China needs to find employment for 20-22 million new entrants into
the labor market each year. With its growth rate halved, China now can create
only seven million jobs a year, according to the report.
Global trade is expected to contract 2.1 percent this year, the first decline
since 1982, the World Bank data showed.
kdh@yna.co.kr
(END)
