President Lee: "The WTO Is a Legitimate Cooperative Body; We Must Protect a Predictable Trade Order"

[Financial News, Seoul·Brasilia, Brazil = Sung Seok-woo, Choi Jong-geun]President Lee Jae-myung, who is visiting Brazil, stressed the need for a multilateral trading system centered on the World Trade Organization (WTO) amid the spread of protectionism and new U.S. tariff measures. While acknowledging the weakening of the WTO's functions and the need for reform, he said the international community must share the principle of protecting a free, fair and predictable trade order.
According to an interview with Brazilian media outlet O GLOBO on the 27th local time, President Lee was asked about the United States' new tariff measures and the role of the WTO. He said, "Over the past several decades, the global economy has grown on the basis of an open and predictable multilateral trading system centered on the WTO."
He added, "As protectionism has recently spread, the WTO's functions have weakened and uncertainty facing companies in the global market has increased." He continued, "At times like this, it is more important than ever for countries to work together through dialogue and cooperation to find solutions."
On the possibility of a joint response by countries affected by tariffs, he said, "Because each country has different economic structures and interests, it is difficult for all nations to respond in the same way." He also emphasized, "The principle of maintaining a free, fair and predictable trade order is a value that the international community must share."
President Lee said of the WTO, "It is true that there have been criticisms that it has not adequately responded to the changing trade environment." However, he added, "Even so, the WTO remains the most comprehensive and legitimate multilateral cooperative body through which member states can continue dialogue, settle disputes and expand cooperation based on international trade norms."
He then stated, "Above all, it is important for the WTO to reform and strengthen its functions in line with the changing times."
He also mentioned the need for cooperation with Brazil. President Lee said, "Brazil is an important partner that has consistently supported multilateralism and a rules-based international order, and Korea shares those same values."
He added, "If the two countries work closely together, I am confident that we can further strengthen the WTO and other multilateral cooperative frameworks and contribute to building a more open, stable and predictable international trade order."
Regarding the Korea-MERCOSUR trade agreement (TA) negotiations, he noted the need for an early conclusion but took a cautious stance on timing. President Lee said, "Trade agreement negotiations involve sensitive issues on both sides, such as market access, so rather than predicting a specific conclusion date, it is most important to produce a mutually beneficial and balanced outcome."
He went on to say, "The Republic of Korea will work closely with MERCOSUR member states, faithfully resolve the remaining issues, and do its utmost to conclude a high-level agreement as soon as possible that brings tangible benefits to both sides."

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