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S. Korean president advocates free trade at G20 summit

All News 22:15 July 07, 2017

SEOUL, July 7 (Yonhap) -- South Korean President Moon Jae-in expressed "strong support" for efforts by the world's 20 leading economies to fight protectionism and promote free trade, his office Cheong Wa Dae said Friday.

"President Moon expressed strong support for efforts by G20 nations to clearly show its opposition against protectionism and to strengthen multilateral trade arrangements and promote free trade," Cheong Wa Dae spokesman Park Soo-hyun said at a press briefing in Hamburg where the South Korean president was attending the Group of 20 summit.

Moon's remarks came at the first session of the G20 meeting.

"President Moon also hailed the new G20 measures aimed at economic recovery. He stressed a need to strengthen the global financial safety net in reaction to the possible exposure of newly emerging economies to risks following sudden capital flows and problems stemming from such risks to developed economies," the Cheong Wa Dae spokesman said.

The new South Korean leader also explained his administration's economic policy, which he called people-centered economy.

"Under a belief that previous policies had limits in addressing issues related to low growth and economic polarization, my new government is seeking a shift to a people-oriented economy," Moon was quoted as saying, also noting that his policy largely centered on job creation, fair competition and growth through innovation.

This year's G20 gathering was set to end Saturday, possibly with a joint statement of the G20 leaders that will likely highlight their joint efforts to ensure a lasting global recovery and keep global trade from backtracking.


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