Lee calls for WTO revitalization at G20 summit
President Lee Jae Myung on Saturday called on the Group of 20 (G20) nations to work toward revitalizing the World Trade Organization (WTO) in order to boost global growth potential, stressing the importance of establishing a predictable trading and investment environment.
Lee made the call during the first session of the G20 summit, as the multilateral trading system is facing turmoil, News.Az reports citing foreign media.
"We must establish a predictable trading and investment environment to enhance growth potential," he said. "The revitalization of the World Trade Organization serves the interests of all nations."
Lee pledged active cooperation with the WTO Ministerial Conference to be hosted in Africa next year, saying Korea will work to ensure the adoption of the Investment Facilitation for Development (IFD) Agreement into the WTO's legal framework at the upcoming meeting. Cameron hosts the next meeting in March.
The IFD aims to make investment processes easier, more transparent and more efficient, particularly for developing countries.
During the session, Lee also proposed solutions to ease excessive debt burdens on developing countries, which he said constrain their ability to invest in growth and the momentum for sustainable development.
"To advance toward the future, we must strategically allocate resources toward sectors with the greatest growth potential, thereby creating a virtuous cycle that generates wealth and reduces our debt burden at the same time," he said.
As an example, he highlighted Korea's increased investment in future growth sectors, including artificial intelligence (AI), and introduced a fiscal policy that expands spending in high-performing sectors with the long-term goal of lowering the nation's debt ratio.
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