Sunday, May 16, 2010G20 summit 'to chart global recovery path'
MANAMA: The meeting of the 20 richest countries of the world at the Seoul Summit in Korea in November will be crucial to the future of the world economy and to attracting investment, it was claimed yesterday. November 11-12 ~ G-20 Summit, Korea will set ‘Seoul Initiative’
The global economic crisis has ignited the spirit of co-operation the international community has rarely seen before, according to South Korean ambassador for international economic co-operation Dongsun Park.
Speaking at the IISS Geo-Economic Summit, he argued that G20 Summits had played a pivotal role in helping the global community overcome the crisis. May 14-16 ~ Bahrain Global Forum to play key future role ~ ‘Rebalancing Global Geo-economic Strategies for Security, Growth and Development’ ...
"The reason I believe that the Seoul Summit should be a success is not only because Korea, a non-G8 country, will be hosting the event, nor is it merely because it will be the first G20 Summit to be held in Asia," he said. "Rather, it is because the Seoul Summit will be held during the post-crisis period.
"The G20 has certainly succeeded in responding effectively to the global financial crisis. However, will it be successful in the post-crisis period as well? Specifically, will the G20 be successful in attracting investment after the financial crisis?
"This is a very important question because countries may be less willing and less motivated to co-operate during the post-crisis period. This is why I believe that the success of the Seoul Summit will be critical to the future of the world economy in general and to attracting investment in particular."
The Seoul Summit is also important because it will be held during the post-hegemonic era," he said. "The decline of the US hegemony in the 1970s prompted the global community to rely on a number of countries to facilitate international co-operation.
"The G7 and G8 are the products of this multiple leadership.
Unfortunately, the G8, which does not include emerging economies, did not have sufficient legitimacy or leadership to address the crisis. The G20, in contrast, has legitimacy because it represents two-thirds of the global population and 85 per cent of global gross domestic product."
He said the G20 required a clear vision and needs increased interaction among all the countries. To ensure frequent interaction, it is desirable to develop institutional arrangements for the truly global co-operation.
"The summit has agendas covering trade and investment, the G20 framework, reforming international financial institutions, strengthening financial regulations and energy security, among others," he said.
"New agendas may include the establishment of financial aafety nets and development issues."
He said the G20 required a clear vision and needs increased interaction among all the countries. To ensure frequent interaction, it is desirable to develop institutional arrangements for the truly global co-operation.
"The summit has agendas covering trade and investment, the G20 framework, reforming international financial institutions, strengthening financial regulations and energy security, among others," he said.
"New agendas may include the establishment of financial aafety nets and development issues."
November 11-12 ~ G-20 Summit, Korea will set ‘Seoul Initiative’
KOREA HEADS THE G20 - CHECK OUT PHOTOS OF SOUTH KOREA
