South Korean President Lee warns of Growing Protectionism and Nationalism
SEOUL, Oct 26 – south Korean President Yoon Suk Yeol cautioned on Thursday that rising protectionism and nationalism globally pose a important threat to the world economy, urging international cooperation to address the challenges. Speaking at a trade-related event in seoul, Lee emphasized the need for open markets and collaborative efforts to ensure continued economic growth and stability.
The warning comes as global trade tensions remain elevated, fueled by geopolitical uncertainties and increasing domestic pressures in several countries to prioritize national interests over multilateral agreements. These trends, Lee argued, could disrupt supply chains, stifle innovation, and ultimately harm economic prosperity for all nations. The South Korean leader’s remarks underscore the country’s deep reliance on international trade and its commitment to a rules-based global order, particularly as it navigates a complex economic landscape marked by slowing global demand and rising inflation.
Lee specifically highlighted the importance of maintaining free and fair trade practices, advocating for the strengthening of the World Trade Organization (WTO) and the pursuit of new trade agreements. He stated that South Korea will actively work with its partners to promote a more open and inclusive trading system, emphasizing the need to resist the temptation of protectionist measures.
“Protectionism and nationalism are like a perilous whirlpool that can drag the global economy into stagnation,” Lee said,according to a transcript released by his office. “we must work together to overcome these challenges and build a more resilient and enduring global economy.”
South Korea, a major exporting nation, is particularly vulnerable to disruptions in global trade. The country’s economy relies heavily on exports of goods such as semiconductors,automobiles,and petrochemicals. Recent data indicates a slowdown in export growth, raising concerns about the country’s economic outlook. Lee’s call for international cooperation reflects a broader effort by South Korea to safeguard its economic interests in an increasingly uncertain global environment.
