Speaking at the first session of the G-20 summit dealing with trade and global economy, Moon raised concerns on the impact of trade protectionism.
|President Moon Jae-in and other world leaders attend the G-20 Summit in Osaka, Japan on Friday. Yonhap|
Citing OECD and IMF listing trade conflicts and spread of protectionism as one of the reasons for lowering the world’s growth outlook, he urged G-20 nations to step up collective efforts.
“This is the time for G-20 to show leadership. Such challenges cannot be resolved by individual nations,” Moon said.
Saying that the world needs to resolve trade conflicts and again pursue free trade, Moon said that G-20 nations should play a central role in bringing about such changes.
He added that G-20 nations need to work together for World Trade Organization reform, saying that Korea supports the reform drive and will actively participate in related discussions.
Moon also called on G-20 nations to implement active fiscal and monetary policies to preemptively respond to downside risks, and stressed that the global financial system needs to be strengthened.
By Choi He-suk (firstname.lastname@example.org)