G20 Plenary Session V: Energy, anti-corruption efforts and the G20 Business Summit

The Presidential Committee for the G20 Seoul Summit

Press Release

Distribution date: Friday, November 12, 2010

G20 Plenary Session V: Energy, anti-corruption efforts and the G20 Business Summit

The G20 leaders discussed the issues related to energy, anti-corruption efforts, and the Seoul G20 Business Summit at the fifth session of the G20 Seoul Summit, scheduled for 2:55 p.m., November 12. 

The session began with a discussion on fossil fuel subsidies, energy price volatility, and protection of the marine environment. The G20 leaders then approved the action plan designed to fight corruption.

President Nicholas Sarkozy of France, whose country is co-chair of the working group on energy price volatility, and President Dmitry Medvedev of Russia, whose country is co-chair of the working group on protection of the marine environment, helped guide the discussions on those two issues. 

Additionally, President Lee presented a report on the conclusions reached at the Seoul G20 Business Summit and called attention to the purpose of a joint statement, released on behalf of the G20 leaders and the G20 Business Summit.   Lee stressed the importance of the private sector in efforts to restore economic growth. Scheduled to begin just prior to the G20 Seoul Summit, the Business Summit brought together an estimated 120 CEOs to brainstorm and offer the private sector perspective on plans and prospects for global economic health. The CEOs were divided into twelve different groups which together produced 66 guidelines for helping the world to achieve strong, sustainable growth. 

President Lee also underscored his belief that the G20 Business Summit should be a continuing process, rather than a one-time event, encouraging a shared sense of responsibility between the public and private sectors. 

G20 Working Lunch: Leaders focused on efforts to fight trade protectionism and climate change

Press Release

Distribution date: Friday, November 12, 2010

G20 Working Lunch: Leaders focused on efforts to fight trade protectionism and climate change 

President Lee presided over a G20 Working Lunch following the third G20 Plenary Session. At the lunch, which began at 12:40, the G20 leaders discussed issues related to trade, climate change, and green growth.

In the first part of the lunch, scheduled to run fifty minutes, the leaders focused on trade issues. They discussed how the G20 nations could continue to work together to prevent the further spread of trade protectionism and the issues related to the Doha Development Agenda (DDA).

President Lee initially proposed the “standstill” agreement at the 2008 G20 Summit in Washington D.C. to prevent the rise of trade protectionism as the global financial crisis spread. During the Seoul Working Lunch, Lee complimented the effective collaboration of the G20 nations, saying that the standstill agreement had the desired result, and the spread of protectionism limited. The President went on to stress the importance of free trade and open markets.

The second part of the Working Lunch was focused on climate change and green growth. The G20 leaders discussed ways to promote green growth to lower the production of carbon dioxide and to confront challenges related to climate change. The leaders then discussed how to maximize the outcome at the upcoming United Nations Framework Convention on Climate Change (UNFCCC), which is scheduled to be held in Cancun, Mexico later this month.

The Presidential Committee for the G20 Seoul Summit(3)

The Presidential Committee for the G20 Seoul Summit

Press Release

Distribution date: Friday, November 12, 2010

G20 Plenary Session III: Development
Working toward a Seoul Consensus 

In the third session, President Lee highlighted development issues and the Multi-Year Action Plan for balanced growth

The third G20 Plenary Session, on Development, began at 11:30 a.m., November 12 and lasted an hour.  In the third session, the leaders focused on how to promote balanced growth globally while narrowing the development gap and reducing poverty. 

By putting development on the agenda, Korea hoped to focus attention on the world’s poorest populations, encourage growth that will add to sustainable global growth, share lessons learned from its own recent experiences with development and help broaden the G20 agenda beyond the recent financial crisis. By taking on the development issues of more than 170 non-G20 nations, the G20 also enhances its own credibility in the eyes of the rest of the world.  

Within the context of the Framework on Growth, development can help lay the groundwork for the G20 to reach its broader goals. By encouraging investment in emerging economies, the G20 can facilitate resilient growth domestically and globally.

In addition to the leaders of the G20 and invited countries, the heads of the following international organizations participated in the discussion: Ban Ki-moon, Secretary-General of the United Nations; Robert Zoellick, President of the World Bank, and the co-chairs of the G20 Development Working Group.

The Presidential Committee for the G20 Seoul Summit

The Presidential Committee for the G20 Seoul Summit

Press Release

Distribution date: Friday, November 12, 2010

G20 Plenary Session III: Development
Working toward a Seoul Consensus 

In the third session, President Lee highlighted development issues and the Multi-Year Action Plan for balanced growth

The third G20 Plenary Session, on Development, began at 11:30 a.m., November 12 and lasted an hour.  In the third session, the leaders focused on how to promote balanced growth globally while narrowing the development gap and reducing poverty. 

By putting development on the agenda, Korea hoped to focus attention on the world’s poorest populations, encourage growth that will add to sustainable global growth, share lessons learned from its own recent experiences with development and help broaden the G20 agenda beyond the recent financial crisis. By taking on the development issues of more than 170 non-G20 nations, the G20 also enhances its own credibility in the eyes of the rest of the world.  

Within the context of the Framework on Growth, development can help lay the groundwork for the G20 to reach its broader goals. By encouraging investment in emerging economies, the G20 can facilitate resilient growth domestically and globally.

In addition to the leaders of the G20 and invited countries, the heads of the following international organizations participated in the discussion: Ban Ki-moon, Secretary-General of the United Nations; Robert Zoellick, President of the World Bank, and the co-chairs of the G20 Development Working Group.

G20 Plenary Session I: The Global Economy and the Framework II

 

The G20 Seoul summit opens on Nov. 12 at COEX in Seoul. The summit will be used

to discuss sustainable growth of the global economy.  

South Korean President Lee Myung-bak speaks at the G20 Seoul summit, which opened on Nov. 12

at COEX in Seoul. The summit will be used to discuss sustainable growth of the global economy 

The G20 Opening Plenary Session, Global Economy & Framework II, will be a continuation of the discussion begun at the working dinner the previous evening. President Lee will use his opening remarks to further the discussion begun the night before and introduce other issues on the agenda.  Specifically, President Lee will broach the issue of how to resolve global imbalances.
 
After President Lee finishes speaking, Angel Gúrria, Secretary-General of the OECD, will report on structural reform. General discussion will follow, Members of the G20 Framework Working Group are expected to present their most recent conclusions. 

President Lee will stress the significance of the agreements reached at the October Gyeongju G20 Finance Ministers & Central Bank Governors Meeting which helped ease global tensions related to currency issues and continued global imbalances. And he will discuss the importance of following through on the Mutual Assessment Process (MAP) to avoid future crises and promote strong sustainable growth.

 

South Korean President Lee Myung-bak speaks at the G20 Seoul summit, which opened on Nov.

12 at COEX in Seoul. The summit will be used to discuss sustainable growth of the global economy 

वैश्विक आर्थिक विकास के लिए नीति समन्वय पर चर्चा की जाए

सियोल में 12 वें शिखर सम्मेलन के अध्यक्ष जी -20 की पर 9:00 एक सत्र खोलने दिन शुरू करने के लिए
कार्यसूची के बारे में दुनिया के नेताओं और परिचय करने के लिए एक सक्रिय चर्चा हुई.

आर्थिक सहयोग और विकास के लिए सभी संगठन के अध्यक्ष की टिप्पणी के बाद (ओईसीडी) glial के महासचिव एन्जिल पुनर्गठन
रिपोर्टिंग और सह अध्यक्ष देश, कनाडा, भारत के लिए फ्रेमवर्क, और दुनिया भर के नेताओं से मुक्त चर्चा
प्रगति में था.

दर राष्ट्रपति बहस में इस सत्र की प्रगति पर चर्चा करने के लिए, सहित वैश्विक असंतुलन हल किया जाना चाहिए
उन्होंने कहा. नए विकास के स्रोत के रूप में वैश्विक अर्थव्यवस्था के रूप में अच्छी तरह से पता लगाने के लिए और बढ़ने बुध itdo के माध्यम से जारी
जी -20 की आपसी मूल्यांकन के माध्यम से रॉक आगे अंतरराष्ट्रीय सहयोग को मजबूत करने के लिए, उन्होंने कहा

Obama to get Korean name

U.S. President Barack Obama will receive a special gift when he visits Seoul this week to attend the summit of the Group of 20 major economies: a Korean name. 

A pro-U.S. organization named the Korea-U.S. Alliance Friendship Society said Wednesday it would confer the Korean name "Oh Han-ma" on the U.S. president on the occasion of his visit to South Korea. 


  "It is our sincere hope that the conferment of the Korean name to U.S. President Barack Obama will further solidify the alliance with South Korea, forged by blood during the Korean War," said Suh Jin-sup, head of the Seoul-based society, in a statement. 

   The family name "Oh," meaning a country in Chinese character, is derived from the Korean pronunciation of the letter "O" in the name "Obama," Suh said. The name "Han-ma" is a combination of two Chinese characters with "Han" meaning Korea and "Ma" standing for horse, which Sun says is a symbol of the U.S.   In South Korea, the family name comes first. 

   Put together, the Korean name for Obama reflects hope that leaders of South Korea and the U.S. will make major efforts "by running at full speed like a horse" to try and rescue the world economy from the worst crisis in decades, according to Suh's explanation.

   Suh said his society plans to send a plaque containing the description of the name to the U.S. military headquarters in Seoul on Thursday. 

   Obama was slated to arrive in South Korea on Wednesday to join the G-20 summit on Thursday and Friday, where spats over foreign exchange rates and economic imbalance in the world economy are set to dominate the talks. 

   The society has a history of conferring Korean names to some U.S. officials in a show of friendship and goodwill. 

   Last year, U.S. Secretary of State Hillary Clinton was given the Korean name "Han Hi-sook," which highlights her "clear vision and political insight" in Chinese characters. 

   About 28,500 U.S. troops are stationed in South Korea, a legacy of the 1950-53 Korean War. (Yonhap News)

CEOs call for less protectionism to revive economy

The world’s top CEOs who gathered in Seoul for the Group of 20 Business Summit called for active efforts to ease protectionism to revitalize the economy.

They also called for the governments of the world’s major economies to embrace an exit from stimulus policies to prevent inflation. 

The executives on Thursday released a joint statement containing these and other policy recommendations after wrapping up two days of talks. 

Their advice—given toward governments, private enterprises and civic groups—came as the G20 country leaders convened here for the Seoul Summit aimed to produce post-crisis solutions for reviving the world economy. 
“Rapid completion of the Doha round by 2011 is urgent to keep up with the momentum,” said Victor Fung, Li & Fung Group chairman and one of the conveners of the summit. “The threat to the global economy is protectionism. We have to admit protectionism has risen over the years and thought the summit should urge the leaders prevent further protectionism and roll back to pre-crisis levels.” 

Indicating that the business leaders may get their wish, the OECD plans to call for a resumption of the Doha talks, OECD officials said Thursday in a news briefing on the sidelines of the Seoul Summit. 

On fiscal policies, the CEOs said in their statement that “monetary policy should be gradually returned to a neutral stance to prevent inefficient capital allocation and new asset bubbles.” 

Governments have been unleashing stimulus packages after the 2008 Lehman Brothers crisis to help buoy their economies.

To help promote eco-friendly growth campaigns, the CEOs suggested provide “new financing solutions to help companies make long-term investments necessary for improved energy efficiency.” 

Creating jobs for the youth was another area the executives were keen to address.

They proposed public-private academic partnerships to train youths, while also offering incentives and policies for stakeholders to create jobs, leveraging training and internships.

Job creation can be realized only if the small and mid-sized firms are bolstered, the CEOs added, calling for measures to give these companies easier access to capital. 

Calling their talks a success, the CEOs stressed the need to institutionalize the meeting.

The remarks echoed comments from President Lee Myung-bak in his opening remarks to the corporate gathering. 

In his speech, Lee also urged enterprises to throw their weight behind the global push for economic revitalization.

“If we are to fully recover from the global economic crisis and promote sustainable growth, it is ultimately up to businesses to create the engines of growth. The entrepreneurial spirit of the private sector must take the lead,” Lee said. 

The president emphasized that although governments shape critical fiscal policies aimed at controlling and buoying the global economy, there are limitations. 

The limits must be addressed by the business sector, Lee stressed. 

British Prime Minister David Cameron highlighted the importance of such exchanges. 

“All of the work we do is nothing unless it encourages businesses to grow and employ people. We want global growth, but you are the people who will deliver. Help us achieve those goals,” the British premier said in the closing plenary session of the G20 Business Summit.

Throughout the summit, the CEOs reviewed and proposed solutions for pressing corporate and government challenges on the four topics of financial stability, trade and investment, green growth and corporate social responsibility. 

Another role president Lee demanded of the corporations was to reduce the gap between the advanced and less-developed countries. 

The development agenda is a key initiative Seoul is promoting, along with the establishment of a financial safety network. 

The president enlisted support from his fellow country leaders to help the business sector achieve these and other goals the G20 is pursuing. 

Some of the country leaders including Lee sat in on the business summit to directly communicate with the CEOs on how their suggestions can be incorporated with their own discussions for pursuing sustainable growth. 

Reports produced by the executives will be further shared with the country leaders today. 

Preparations for the business summit started in July when the CEOs started to hold multilateral and bilateral meetings on the four agendas and entailing sub-topics. 

The Seoul summit, bringing together leaders of the world’s 20 richest and emerging nations and a number of others outside the club, began Thursday. 

Obama sees FTA settlement ‘within weeks’

South Korea, U.S. reaffirm stance on North Korea



South Korea and the U.S. agreed to iron out differences over their free trade pact as soon as possible after they failed to reach middle ground in the additional talks Thursday before the Seoul G20 summit.

President Lee Myung-bak and U.S. President Barack Obama reaffirmed the two countries’ alliance and collaboration for the denuclearization of North Korea during summit talks in Seoul despite the lack of an accord on the FTA.

“We agreed that more time is needed to resolve detailed issues and asked our trade ministers to reach a mutually acceptable deal as soon as possible,” Lee said in a joint press conference after the summit and luncheon with Obama.

G20 leaders brace for currency showdown

Leaders of the Group of 20 faced a showdown over solutions to a currency dispute and global imbalances as their two-day summit opened in Seoul Thursday.

Their negotiators failed to reach a consensus by the opening day heralding tough negotiations among leaders, Seoul officials said.

Hopeful signs emerged, however, as the U.S. and China voiced confidence that the summit would produce a meaningful agreement.

“I’m confident that a positive outcome will be attained during the summit,” Chinese President Hu Jintao was quoted by his aides as saying during a meeting with U.S. President Barack Obama.

Obama said their negotiators had been working on a whole range of issues adding, “We are seeing significant progress.”

Korea’s government officials predicted that a summit agreement on the current account balance issue would mark progress compared to last month’s G20 finance ministerial meeting in Gyeongju.

Korea, as the chair, has been striving to see a step forward from the finance ministers’ agreement during the summit, which will end Friday.

Officials said the G20 leaders were about to agree on the introduction of an “early warning system” which will be initiated by the International Monetary Fund to tackle global current account imbalances.

The early warning indicator is a system under which the IMF will be empowered to take on the regulator role to oversee excessive ratios between GDP and current account surpluses or deficits.

Commission President Jose Manuel Barroso (C) and European Council President Herman Van Rompuy (L) attend a joint press conference at the venue for the G20 Summit in Seoul, capital of South Korea, on Nov. 11. (Xinhua-Yonhap)

“Members have reached a consensus to adopt it,” an official said. “There remains a possibility that the term could be slightly toned down (in the coming joint statement of leaders).”

There is also a possibility that the G20 will agree to set the timetable to discuss the U.S. earlier proposal that the G20 will limit the surplus or deficit on its current account to some percentage of GDP.

Should they agree to fix the timetable, the issue whether to adopt a specific numerical cap on current account surplus or deficit will be a key agenda for the next summit in France, slated for November 2011.

President Lee Myung-bak said that he forecast that leaders will finally reach an agreement on those issues.

businesssummit photo session