1
Informal TPRB Meeting:
Symposium on the Financial and Economic Crisis and the Role of the WTO
(1 July 2011)Remarks by the Republic of Korea
Thank you, Mr. Chairman.
(Introduction)
First of all, we would like to join previous speakers in extending our appreciation to you for convening this symposium in accordance with the General Council’s decision last year. Our thanks also go to Argentina, Ecuador and India who jointly proposed to hold this symposium and to the Secretariats of the IMF, the OECD and the WTO for their comprehensive and useful background papers. This meeting could not be held at a more opportune time as all WTO members, large or small, developing or developed, are still struggling to recover from the worst financial and economic crisis since the Great Depression.
(Comments on the Background Papers)
In this context, Mr. Chairman, we find it encouraging and commendable that WTO members have largely resisted protectionist pressures and exercised restraint over the imposition of new trade-restrictive measures since the crisis. At the same time, we would like to take this opportunity to highlight the findings contained in the background papers that behind-the-border measures, including various forms of subsidies, have been more harmful to trade than border measures. This suggests that more attention be paid to the behind-the-border measures in our consideration of the impacts of crisis-related measures. It should also be noted that how we design and implement measures in our stimulus packages can affect outcomes, which will then impact our reflections on exit strategies, as explained in the OECD background paper.
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(Need to Continue Monitoring Exercise)
Mr. Chairman, we are still walking on thin ice as protectionist pressures are still lingering, generated by uneven recovery in the world, stubbornly high levels of unemployment in many countries, the ongoing sovereign debt crisis in Europe, and disorderly movements in currencies. Therefore, the need for an efficient and effective monitoring mechanism to counter protectionist measures remains paramount. In this regard, we would like to emphasize the importance of continuing the monitoring exercise in close cooperation and coordination among all members, bearing in mind that the lack of information about the measures members have taken would pose a great challenge to this exercise, as indicated in the background papers.
(Importance of the Commitments at the G-20 Summits)
Without a doubt, the standstill commitment of the G-20 and APEC leaders, followed by the subsequent unilateral standstill pledges of individual WTO members, has ensured that the world economy would not fall into tit-for-tat trade wars. In this regard, my delegation would like to reiterate that it is vital for members concerned to faithfully implement their standstill commitments extended until the end of 2013, as agreed at the G20 Toronto Summit and their commitments to rollback any new protectionist measures that may have arisen, as agreed at the G20 Seoul Summit last year. Furthermore, it would be desirable if as many WTO members as possible could make the same commitments.
(Conclusion)
Mr. Chairman, I would like to close my intervention today by reminding members that bringing the DDA to an ambitious and balanced conclusion as soon as possible is the best insurance against protectionism, as was suggested in the presentation of the IMF this morning.
Thank you.
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