South Korea will urge the Group of 20 countries gathering in London to “roll back” all protectionist measures adopted since November and call for the World Trade Organisation to “name and shame” countries that erect barriers to trade or finance.
In an exclusive interview with the Financial Times, Lee Myung-bak, the South Korean president, said it was vital to stop the drift towards protectionism that had occurred since the G20 meeting in Washington when heads of state pledged to abide by Seoul's call for a protectionist “standstill”. South Korea will chair the G20 next year.
“There are many countries clearly engaging in some sort of protectionist measures,” said Mr Lee, citing a World Bank report showing that 17 of the G20 countries had built trade barriers.