PM Calls for Global Dialogue on Low Growth, Trade Protectionism

Write : 2016-11-21 08:52:22 Update : 2016-11-21 16:32:15

PM Calls for Global Dialogue on Low Growth, Trade Protectionism

Prime Minister Hwang Kyo-ahn has proposed discussing ways to overcome slow economic growth and trade protectionism at an Asia-Pacific leaders' summit.

Hwang made the call in a speech on Sunday in Lima, Peru, during the Asia-Pacific Economic Cooperation(APEC) summit which he attended in place of President Park Geun-hye.

The South Korean PM also stressed on the significance of promoting the service industry, inclusive trade for small and mid-sized enterprises and economic integration of the Asia-Pacific region.

While emphasizing that structural reforms can be carried out more successfully due to regional partnerships, he vowed that South Korea will faithfully implement its ongoing four reform drives on labor, finance, public sector and education.

Hwang said South Korea has swiftly responded to the advent of the fourth industrial revolution with the creative economy initiative, adding the endeavor has started to bear fruit.

He said the country wants to share with other APEC members its experiences from implementing the creative economy policies and contribute to stimulating reforms in the region.

In the speech, the prime minister also talked about the North Korean nuclear and missile threat, saying it poses threat to the peace and stability of the region and beyond.

He then expressed deep gratitude to the APEC members for their cooperation in implementing UN Security Council sanctions on the North.

Before the APEC meeting, Hwang held a meeting with International Monetary Fund(IMF) Managing Director Christine Lagarde in the Peruvian capital, where he called for active responses to low growth and protectionism.

Hwang said he agrees with the IMF’s proposal that countries around the world should implement active fiscal stimulus packages to overcome slow growth, adding South Korea is also hoping to prop up the economy by injecting a budget worth more than 27 billion won.

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