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In his address at the opening of the Asian and European finance ministers meeting on Jeju Island, he also emphasised Korea's efforts to improve domestic investment conditions and further open its market to the outside.
"It's not too much to say that world economies are facing the worst crisis since the oil shock in the 1970s following a surge in oil, food and raw material prices," Lee said.
"Each country faces a different situation, but we should share recognition of the difficulties and strengthen international policy cooperation," he said.
Lee reiterated his commitment to promote free trade agreements with key trade partners.
"Korea is now in the midst of mapping out a new system for economic development and will actively pursue market liberalisation and global economic cooperation through the expansion of free trade agreement deals," he said.
Korea signed an FTA with the United States last year which has yet to be approved by the legislatures of either country. The nation is also negotiating an FTA with the European Union.
Lee pledged sweeping domestic reforms, including lowering the corporate tax rates, easing corporate regulations and improving the living environment for foreign residents.
Lee also called for cooperation between ASEM members to cope with climate change and surge in prices of oil and food.
This article appeared on www.asianewsnet.net
June 18, 2008
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