While a power-shift within the IMF towards emerging markets has been demanded for a while, the agreement among finance ministers was still seen by many as a surprise. While this shift does not affect the ability of the United States and Europe, if acting collectively to wield a veto over important decisions which require an 85 per cent super-majority , it still represents an important change in the balance of power that could make reaching compromises between developed and developing countries at the G20 somewhat easier.
Another important issue that was discussed at the Finance Minister meeting in Gyeongju were global economic imbalances; United States Secretary of the Treasury Tim Geithner kick-started negotiations by proposing a cap of 4 per cent on large current account surpluses and deficits.
However, other countries at the table were also unwilling to go along. This vague last-minute deal might not have a lot of teeth for reinforcement, but some still see it as a critical moment in preventing the outbreak of a much talked-about currency war. To sum up, the agreements reached at the level of financial ministers may give forward momentum to the talks at the Summit among head of states.
The fact that the G20 is moving beyond monetary and economic policy has been widely criticized by some and lauded by others. Others believe that it is imperative that the G20 tackle environmental, including climate questions. Especially contentious is the multi-year development action plan, drafted by the G20 Development Working Group co-chaired by South Africa and South Korea that is to be agreed upon in Seoul.
South Korean president Lee argues that a shift is needed — one that emphasizes establishing the foundation for growth rather than providing aid. This line of argument has put a lot of pressure on the Seoul summit to deliver on earlier promises. The heated discussion on global imbalances and currency policies has again put the G20 in the spotlight and member-states continue to believe that it is the appropriate forum to find compromises on international economic and financial policies.
President Park also urged the G20 to contribute to the Green Climate Fund GCF , an international organization aiming at helping developing countries build capacity to tackle climate change.
On top of this, President Park held a bilateral meeting with Crown Prince Salman of the Kingdom of Saudi Arabia and exchanged ideas on various issues of mutual interest.
Since the first G20 Summit was held in to deal with the financial crisis following the bankruptcy of the Lehman Brothers, eight summits have been held.
As a premier forum for international economic cooperation, the G20 Summit has served as an excellent venue for discussing major global economic issues. Such efforts will contribute not only to creating a stable global economic environment but also to laying the foundation for the sustainable growth of Korea.
In this summit, G20 leaders shared the view that the global recovery remains slow and unbalanced, and the uncertainly in financial market continues as well. Based on the common understanding, the leaders discussed ways on how to establish a firm and inclusive growth, and create decent and enough jobs. In the summit, G20 leaders agreed on conducting coordinated macro policies based on careful coordination and clear communication with the objective to minimize the volatility of world economy and its negative ripple effect.
In addition, it was evaluated the outcomes of growth strategies of each country member which were submitted at the previous Brisbane G20 Summit in G20 leaders stressed that the COP21 should be successfully held in Paris, December to establish a new climate change system, and also endorsed a package of measures under the Base Erosion and Profit Shifting BEPS project to respond in a collective manner to offshore tax evasion of multinational companies.
In particular, as the Syrian refugee crisis and the threat of terrorism were becoming more serious including grave terror attacks in Ankara, Turkey on October 10, and in Paris on November 13, respectively just before the Summit, G20 leaders encouraged all countries to share burden in assisting refugees and also demonstrated their strong will to combat against terrorism. Regarding the development agenda, which has been strengthened since it was introduced in the Seoul G20 Summit for the first time, there was consensus to establish a collective action plan in to follow-up the Development Agenda, and also G20 leaders agreed on exerting their efforts to expand energy access into Sub-Sahara African region which have suffered from serious energy shortage.
Korea got good results in implementing the Growth Strategy, which had been submitted in the Brisbane Summit, by faithfully carrying out its commitments. In addition, Korea contributed to performing a outstanding leadership bridging the gap among developed and developing countries. Regarding the issue of climate change, President Park shared the exemplary cases of Korean new energy industries, emphasizing that we should seize an opportunity of creating new growth engine by appropriately responding to climate change.
Since the first G20 Summit was held in to deal with the financial crisis following the bankruptcy of Lehman Brothers, leaders of twenty countries have gathered eleven times until the Hangzhou Summit. As the premier forum for international economic cooperation, the G20 Summit has served as an important venue for discussing major global economic issues. In particular, the G20 leaders newly adopted the agenda on innovation, new industrial revolution, and digital economy based on ICT which is a driving force to overcome the low growth of global economy.
In addition, the G20 leaders identified polarization as one of the causes that fuels protectionism. In addition, the G20 leaders emphasized the importance of implementing domestic policies to distribute the benefits of free trade. On the other hand, the International Finance Architecture IFA Working Group meeting was held after a two year hiatus and resulted in the endorsement of recommendations on strengthening international finance architecture.
At the same time, the G20 leaders reaffirmed their willingness to address global challenges affecting global economy such as terrorism, refugees, climate change, AMR, and etc. Korea, as the co-chair of the Innovation Task Force with China and United Kingdom, has led discussion on the agenda on innovation which was newly adopted in On the trade agenda, President Park contributed to reaching consensus in enhancing free trade system, and attaining inclusive growth by distributing its benefits.
In addition, since Korea suggested the standstill commitments to fight against protectionist measures at the first G20 Summit in Washington, it has continued to play a leading role in extending those standstill commitment by Korea will continue to do its utmost to enhance its presence on the global fora by participating actively in the G20 Summit and taking the lead in discussing key agenda items.
Such effort will contribute not only to creating a stable global economic environment, but also to laying the foundation for the sustainable growth of Korea. In , leaders from 20 major economies gathered to seek ways to overcome the global financial crisis.
Since then, G20 leaders have had a total of 12 meetings, including the one in Hamburg in , to discuss key global issues, making the G20 into an premier economic forum for international economic cooperation. The G20 Leaders Communique and its 14 key annexes were adopted as an outcome document.
In addition, the leaders adopted the G20 Leaders Statement on Countering Terrorism to call on the international community to strengthen cooperation and faithfully implement the commitments to counter terrorism, block terrorism financing, and prevent the use of the internet for terrorist purposes. The G20 Hamburg Leaders Summit was the first multilateral diplomatic forum that President Moon Jae-in has participated since he took office. Korea has also solidified its status as a responsible middle power by highlighting the importance of providing humanitarian assistance to address the health issues in North Korea and by helping to solve global issues through financial contributions to the Women Entrepreneurs Finance Initiative We-Fi.
This initiative was launched to raise the awareness of the international community on the need to support female entrepreneurs in developing countries. Thanks to the painstaking discussions at the Summit, there were meaningful outcomes in such areas as trade, the digital economy, international tax system, development, and climate change. G20 leaders recognized the importance of the multilateral trading system and agreed to support the necessary reform of the World Trade Organization to improve its functioning and to review progress at the G20 Summit.
While sharing the need to improve the digital infrastructure and measurement of the digital economy to maximize the benefits of digitalization, G20 leaders supported the G20 Repository of Digital Policies and agreed to work on artificial intelligence, emerging technologies, and new business platforms. At the Summit, President Moon Jae-in emphasized the importance of international policy coordination in order to respond risks and challenges in current global economy.
The two-day Summit covered a wide range of pressing challenges of the global economy. The G20, except one member state, confirmed its commitment to the full implementation of the Paris Agreement. At the Summit, President Moon Jae-in urged G20 member states to take lead in easing trade tensions and protectionism as well as to proactively respond to the downside risk of the global economy.
He also emphasized the peace-driven economy on the Korean Peninsula, which would be beneficial to all. Overview Issues. September 20, The nine-day trip, which kicks off on Thursday, will also include talks on Oct.
Moon will then participate in the two-day gathering of G20 leaders in Rome starting Oct. He then plans to make a state visit to Hungary where he will take part in a summit with the so-called "Visegrad Four" countries, including Poland, Slovakia and the Czech Republic.
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