Pressing global challenges in the post-crisis economy including the recent debate over currencies, a financial safety net and the overhaul of financial regulations and institutions are expected to be on the agenda for leaders of the Group of 20 economies Nov. 11-12.
SaKong Il, chairman of the Presidential Committee for the G20 summit, outlined its priorities and key agenda in a recent interview with The Korea Herald.
He also discussed the status and future of the G20 as the most important global coordination committee and the significance of Korea’s hosting of the meeting.
The meeting comes in a critical time for the world’s recovery from the financial crisis and the transformation in the global landscape of economic powers.
A successful summit in Seoul would be a testimony of how necessary and efficient the G20 is, he said.
The country also hopes to represent more nations outside the G20 group to help reduce the gap between the members and non-members, in addition to creating a system where global economies can effectively prop each other up in crisis situations as suggested by President Lee Myung-bak in previous summit meetings.
Another significant cornerstone for the upcoming meeting is that it will mark the launch of the G20 Business Summit where CEOs of leading companies will be given an opportunity participate in the G20 meeting to share insight and knowledge.
Seoul hopes to meet these and other challenges as the host country and chief coordinator. Following are excerpts from the interview.
KH: The G20 Seoul summit is exactly 30 days away. What has been your main area of interest in making the preparations?
SaKong: Our focus is on running a smooth program, but one that has significant content. With that in mind, we are coordinating efforts with other G20 nations so that the agreements made in the previous four G20 summits may be fulfilled on time. In addition, we are seeking a consensus on Seoul’s propositions on economic development and the financial safety net.
Another core part of our responsibilities is to ensure that the world’s leading political and business figures, along with the media who have gathered here, are able to comfortably wrap up the meeting and safely return home.
KH: The G20 summit will mark Korea’s largest global event, but some seem to consider it little more than a typical international conference. What is the significance of hosting the summit?
SaKong: G20 is a group of the most influential 20 countries among the 192 UN member nations. To have attained membership in this prestigious global club, not to mention lead a meeting as host, to play a proactive role in creating a new global economic order and regulatory framework, has tremendous meaning for our diplomatic history.
KH: What other schedules are on the itinerary in the lead up to the summit, and what do the related preparations involve?
SaKong: Many consider the G20 summit as a straight-forward two-day meeting, but the meeting requires extensive preparations.
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