South Korean President Lee warns of Growing โProtectionism and Nationalism
SEOUL, Oct 26 – south Korean โฃPresident Yoon Suk โYeol cautioned โคon Thursday thatโ rising โprotectionism andโ nationalismโ globally pose a important threat to the world economy, urging โinternational cooperation toโค addressโ the challenges. Speaking atโ a โขtrade-related event in seoul, Lee emphasizedโ theโข need forโ open markets and collaborative efforts to ensure continued economic growth and โคstability.
The warningโค comes as global tradeโข tensions remain elevated, fueledโฃ by geopolitical uncertainties and increasing domestic pressuresโค in โseveral โcountries toโข prioritize national interests over multilateral agreements. These trends, Lee argued, could disrupt supply chains, stifle innovation,โ and ultimately harmโ economic prosperityโค for all nations. The South โKorean leader’s remarks underscore the country’s deep reliance on international trade โฃand itsโ commitment to a rules-based global order, particularlyโ as โitโ navigates a complex economic landscapeโ marked by slowing global demand and โคrising inflation.
Lee specifically highlighted โฃthe importance of maintaining free and fair trade practices, advocating for the strengthening ofโ the World Trade Organization (WTO) and the โpursuit ofโ new โtrade agreements. He โฃstated that South Korea will actively work with its partners to promote a more open andโค inclusive โฃtrading system, emphasizing the need toโข resistโ the temptation โคof protectionist โฃmeasures.
“Protectionism and nationalism are like a perilous whirlpool that can โคdrag โthe global economy into stagnation,” Lee said,according to a transcript released by his office.โค “we must โwork โคtogether to overcome these challenges and โฃbuild a more resilient andโข enduring global economy.”
South Korea, a major exporting nation, is โparticularly vulnerable โคto disruptions in global trade. โThe โฃcountry’s economy relies heavily on exports of goods such as semiconductors,automobiles,and petrochemicals. Recent โdata indicatesโ aโ slowdown in โexport growth, raising concerns โabout the country’s economic outlook. Lee’s call forโข international cooperation reflects a broader effort by South Koreaโข to safeguard โขits economic interests in an increasinglyโค uncertain global environment.
