"The APEC member economies, which account for more than half of the global GDP, should implement proactive economic policies," said President Lee Myung-bak at the first round of the APEC Economic Leaders'' Meeting held in Lima, Peru on Nov. 22, local time.

Speaking as the third speaker at the meeting, President Lee said, "Under the current circumstances, it''s very important for the entire world to share the same views and continue to maintain the current momentum of international cooperation."

The President added, "As the financial crisis is felt around the world, all economic players are gripped with anxiety. In the wake of the loss of such confidence, growth has stagnated everywhere around the world.

Financially affluent nations need to implement policies that could proactively increase spending to create jobs, galvanize domestic businesses, and expand the social safety net to protect the underprivileged."

The President went on to say, "What we should guard against is the possibility of the spread of trade protectionism in the aftermath of the recent economic difficulties. First of all, I propose that the APEC nations join in making a ''stand-still declaration'' under which we would not build new trade and investment barriers."

At the same time, the President also called for an early settlement of pending issues, including concluding talks on detailed guidelines of the Doha Development Agenda of the World Trade Organization this year and liberalizing the Special Safeguard Mechanism (SSM) in the agricultural sector.

The President also said, "The global economy is in an unprecedented difficulty. Accordingly, our response should be unprecedentedly strong and prompt. It''s true that the economic situation is so difficult that no nations can make proper predictions for next year''s economy, and that everybody is nervous.

But it will be possible to turn this crisis into an opportunity to build the global economy on a more solid foundation, if we succeed in wisely overcoming this crisis through appropriate responses and effective international cooperation."

Source : korea.net