‘G20 has highly political binding power’

Strategy and Finance Minister Yoon Jeung-hyun expressed confidence that the Group of 20 has a strong “political binding power” based on mutual confidence among member countries.

In an interview with The Korea Herald, he also said G20 leaders will reach an agreement to resolve global trade imbalance in their summit in Seoul beginning Thursday.

He dismissed concerns that the information inter-governmental forum will be just a talking shop because it has no legal power to enforce agreements. 

“It is true that those agreements are not legally binding but they have a highly political binding power based on mutual trust,” Yoon told The Korea Herald.