S. Korea calls for stepped-up int'l efforts to tackle global economic crisis

BY Koh Byung-joon
SEOUL, June 22 (Yonhap) -- The global economic crisis is still underway and
uncertainties are lingering, a top Seoul policymaker said Monday, calling for
stepped-up international cooperation to accelerate its revival.

"The global economic crisis is still ongoing and uncertainties are lingering in
the global economy, including the potential recurrence of distress in the
financial market and the prolonged recession in the real economy," Finance
Minister Yoon Jeung-hyun told an international conference co-hosted by his
ministry and the World Bank in Seoul.
"These uncertainty factors suggest that global cooperation on the macroeconomic
policy front is still required," he added.
His assessment comes as there are budding signs that the global economy might be
rebounding after steep declines in the wake of the turbulence in the financial
sector last year.
The worldwide crisis is causing some countries to seek protectionist measures in
an attempt to weather the worst economic downturn in decades.
Yoon urged each nation to remove "all forms of protectionist measures" to expand
trade, investment and world economic growth by leaving its own interests behind
amid an ongoing crisis.
"In times of crisis, governments are likely to face the temptation to raise
protectionist barriers in an attempt to protect their national interests.
However, once protectionist measures have been taken, it is difficult to roll
back such measures," he added.
The minister underlined the importance of global cooperation to remove
protectionism and called for more efforts to be made to increase multilateral and
bilateral trade and investment liberalization through free trade and other deals.

kokobj@yna.co.kr