S. Korea to stay alert against currency tensions, trade protectionism as G20 chair: FM

17:00, October 15, 2010      

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S. Korea will stand firm against trade protectionist trends as chair of the upcoming G20 Seoul Summit amid economic uncertainties spreading across the globe, top finance official said Friday.

South Korean Finance Minister Yoon Jeung-hyun stressed his country will counter spread of trade protectionism and aggressively undertake the role of a mediator amid the global currency conflict.

The remarks came at a government meeting among heads of economy- related ministries as the ministers prepare for the G20 Seoul Summit to be held from Nov. 12 to 13.

"The global economy recently fell into turmoil of uncertainties due to a slow recovery pace in advanced economies, prolonged fiscal crises in Europe, and an increase in currency volatility," Yoon said.

"As advanced countries show a slower-than-expected recovery trend, countries became more export-dependent, which lead to an intense currency conflict and triggered signs of trade protectionism," added Yoon.

Yoon is the co-chair of the G20 ministerial and bank governor meeting to be held later this month in Gyeongju, scheduled to convene the meeting with BOK Gov. Kim Choong-soo.



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