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Park stresses fair distribution of free trade benefits

All News 21:44 September 05, 2016

By Song Sang-ho

HANGZHOU, China, Sept. 5 (Yonhap) -- President Park Geun-hye on Monday called for a fairer distribution of the benefits of free trade, underscoring the importance of "inclusive, innovative growth."

During the summit of the Group of 20 (G-20) leading economies in China's eastern lakeside city of Hangzhou, Park also urged "active efforts" to curb protectionist tendencies and promote open trade.

"An increase in the number of people who have failed to enjoy the fruits of growth based on free trade is one cause of the spread of trade protectionism and neo-isolationism," Park said during the third session of the G-20 summit.

"The essence of the problem is not free trade itself, but the issue of how we can share the benefits (of free trade), and this issue should be addressed through inclusive, innovative growth," Park added.

The president then, stressed that the world should not forget the "historical lesson" that strengthening trade protectionism is "hazardous for all" as evidenced by past experiences such as the Great Depression in the 1930s and the oil crisis in the 1970s.

At another G-20 session, Park called on the world leaders to look at climate change in a more positive sense and turn it into an opportunity to foster new energy industries. She also highlighted the need for more efforts to support developing countries' adapt to environmental challenge.

The two-day G-20 summit, which was held under the main theme, "Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy," ended on Monday.

This photo, taken on Sept. 4, 2016, shows President Park Geun-hye attending the summit of the Group of 20 leading economies in Hangzhou, eastern China. (Yonhap)


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