‘G20 will be a lever for enhancing global development’

The countries of the G20, through their coordinated actions and resolute response, have been successful in addressing the international financial and economic crisis that began in 2008. Now it is time for the G20 to shift from crisis mode and work with vision and determination to consolidate itself as the essential institution of the new global economic governance system. A strengthened G20 will allow us to aid the frail and uneven recovery, with its accompanying persistent unemployment and market instability. It can also become a vital forum for building the solid foundations needed to achieve high rates of long-term global growth and dynamic economic development.

The G20, as a broad forum that includes developed and developing countries from all regions of the world, represents an opportunity to foster the level of international coordination needed in an increasingly complex and interconnected global economy.

Current global problems demand creative and innovative solutions. The G20 summit in Seoul, the first to be hosted by an emerging economy, constitutes an excellent occasion to reaffirm the G20’s willingness to build toward these goals.

As a first step, leaders should work together to strengthen the G20 and enhance ownership among all its members by including a greater variety of topics on the agenda. So far, the G20 has focused only on the economic crisis for understandable reasons. However, starting in Seoul, we must ensure that the talks better reflect the concerns and priorities of all members.

The G20 should also redouble its efforts to create positive links with other countries and international organizations. The G20 must not be perceived as a negotiating forum that looks to impose its decisions on the rest of the world. Rather, it should consolidate itself as a constructive player on the global scene, capable of proposing general policy principles and facilitating agreements in wider multilateral forums.