Moon highlights free trade, G-20 cooperation on global financial system

OSAKA, Japan -- President Moon Jae-in on Friday stressed the importance of free trade, urging more cooperation among G-20 nations.

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. 

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 (cheesuk@heraldcorp.com)