ID :
30547
Sun, 11/16/2008 - 21:11
Auther :
Shortlink :
https://www.oananews.org//node/30547
The shortlink copeid
(News Focus) 'Power shift' a dominant theme at G-20 summit
WASHINGTON, Nov. 15 (Yonhap) -- South Korean President Lee Myung-bak and his
aides attending the Group of 20 summit here on Saturday summarized the
significance of the unprecedented global summit as an "historic power shift,"
referring to the growing influence of emerging economies in a new global economic
world order.
"As some American media reported, a historic power shift is the most meaningful
outcome of the G-20 summit," said a top-ranking aide for President Lee.
"So far, the U.S., Europe and Japan have been the dominant players in determining
the world's key issues. But from now on, emerging economies will make more
appearances in global news media. In this sense, the government of South Korea
has to take greater responsibility," said the aide.
The official also placed special meaning on South Korea being picked among a
troika of G-20 policy mediator countries, along with Brazil and Britain.
"The G-20 is not a one-time session, but will again convene its second summit by
April 30 next year to produce follow-up measures. A troika, namely Brazil,
Britain and South Korea, will be in charge of preparing five major policy tasks
to be presented to the next G-20 summit," said the official.
"The future path of the G-20 summit will depend on how the troika will move. As
such, South Korea now feels a heavy burden and responsibility. On returning home,
we'll immediately establish a relevant government task force."
President Lee himself personally explained the outcome and meaning of the global
financial summit in front of a gathering of international reporters in
Washington.
"The G-20 summit ended in a bigger-than-expected success, as some people call the
summit meeting one of the most important events of this century. The status and
voice of newly emerging economies has greatly increased through the summit," said
the president.
"At present, the G-20 has no chair country. The inclusion of Korea in the troika
of policy moderator countries is particularly meaningful, as the nation has to
play a critical role in mapping out important historic tasks," said the
president.
The G-20 was established as a response to the Asian financial crisis of the late
1990s and to a growing recognition that key emerging-market countries were not
adequately included in the core of global economic discussion and governance.
The member countries are Argentina, Australia, Brazil, Britain, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia,
South Africa, South Korea, Turkey and the United States. The European Union is
also a member, represented by the rotating council presidency and the European
Central Bank.
Usually, the attendees of the G-20 annual meetings are the finance ministers and
central bank governors of the member countries, plus top leadership of the World
Bank and the International Monetary Fund. It is the first time that heads of
governments have attended a G-20 meeting.
The New York Times and other U.S. papers forecast that G-20 member countries may
decide in the coming years to permanently elevate their meetings to the domain of
government heads, signifying a power shift from a small group of industrialized
nations (the G-7 and G-8) to a broader and more inclusive group.
With the meaning of the G-20 summit in mind, President Lee delivered a keynote
speech on Saturday, asking world leaders to fight protectionism in trade and
investment and expand currency swap deals between advanced and emerging
economies. He also called for worldwide cooperative measures to stem the spread
of the U.S.-originated financial crisis.
Specifically, Lee called on the world's richest and leading emerging economies
not to repeat the "beggar-thy-neighbor policies" of the Great Depression days and
instead spearhead efforts to conclude the deadlocked negotiations of the WTO Doha
Development Agenda on global trade liberalization.
"President Lee tried to represent the positions of emerging economies at the G-20
summit, earning his country status as a moderator between the emerging and
advanced economies. With South Korea set to host the G-20 finance ministers'
meeting in 2010, the nation's position in the G-20 will likely widen further,"
said a top presidential adviser.
"In short, President Lee put forward four major policy concepts and seven
proposals in his keynote speech. The concepts are centered on his consistent
calls for anti-protectionism, closer international cooperation in recovery of
real economies, expansion of financial support for emerging economies and
emerging economies' participation in the upcoming discussion on overhauling
international financial market systems and institutions."
In addition, President Lee also called for interest-rate cuts, liquidity
injections, creating job opportunities, strengthening social safety nets,
promoting transparency in financial transactions, establishing international
codes and standards for financial supervision and increasing oversight of rating
agencies.
ycm@yna.co.kr
(END)
aides attending the Group of 20 summit here on Saturday summarized the
significance of the unprecedented global summit as an "historic power shift,"
referring to the growing influence of emerging economies in a new global economic
world order.
"As some American media reported, a historic power shift is the most meaningful
outcome of the G-20 summit," said a top-ranking aide for President Lee.
"So far, the U.S., Europe and Japan have been the dominant players in determining
the world's key issues. But from now on, emerging economies will make more
appearances in global news media. In this sense, the government of South Korea
has to take greater responsibility," said the aide.
The official also placed special meaning on South Korea being picked among a
troika of G-20 policy mediator countries, along with Brazil and Britain.
"The G-20 is not a one-time session, but will again convene its second summit by
April 30 next year to produce follow-up measures. A troika, namely Brazil,
Britain and South Korea, will be in charge of preparing five major policy tasks
to be presented to the next G-20 summit," said the official.
"The future path of the G-20 summit will depend on how the troika will move. As
such, South Korea now feels a heavy burden and responsibility. On returning home,
we'll immediately establish a relevant government task force."
President Lee himself personally explained the outcome and meaning of the global
financial summit in front of a gathering of international reporters in
Washington.
"The G-20 summit ended in a bigger-than-expected success, as some people call the
summit meeting one of the most important events of this century. The status and
voice of newly emerging economies has greatly increased through the summit," said
the president.
"At present, the G-20 has no chair country. The inclusion of Korea in the troika
of policy moderator countries is particularly meaningful, as the nation has to
play a critical role in mapping out important historic tasks," said the
president.
The G-20 was established as a response to the Asian financial crisis of the late
1990s and to a growing recognition that key emerging-market countries were not
adequately included in the core of global economic discussion and governance.
The member countries are Argentina, Australia, Brazil, Britain, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia,
South Africa, South Korea, Turkey and the United States. The European Union is
also a member, represented by the rotating council presidency and the European
Central Bank.
Usually, the attendees of the G-20 annual meetings are the finance ministers and
central bank governors of the member countries, plus top leadership of the World
Bank and the International Monetary Fund. It is the first time that heads of
governments have attended a G-20 meeting.
The New York Times and other U.S. papers forecast that G-20 member countries may
decide in the coming years to permanently elevate their meetings to the domain of
government heads, signifying a power shift from a small group of industrialized
nations (the G-7 and G-8) to a broader and more inclusive group.
With the meaning of the G-20 summit in mind, President Lee delivered a keynote
speech on Saturday, asking world leaders to fight protectionism in trade and
investment and expand currency swap deals between advanced and emerging
economies. He also called for worldwide cooperative measures to stem the spread
of the U.S.-originated financial crisis.
Specifically, Lee called on the world's richest and leading emerging economies
not to repeat the "beggar-thy-neighbor policies" of the Great Depression days and
instead spearhead efforts to conclude the deadlocked negotiations of the WTO Doha
Development Agenda on global trade liberalization.
"President Lee tried to represent the positions of emerging economies at the G-20
summit, earning his country status as a moderator between the emerging and
advanced economies. With South Korea set to host the G-20 finance ministers'
meeting in 2010, the nation's position in the G-20 will likely widen further,"
said a top presidential adviser.
"In short, President Lee put forward four major policy concepts and seven
proposals in his keynote speech. The concepts are centered on his consistent
calls for anti-protectionism, closer international cooperation in recovery of
real economies, expansion of financial support for emerging economies and
emerging economies' participation in the upcoming discussion on overhauling
international financial market systems and institutions."
In addition, President Lee also called for interest-rate cuts, liquidity
injections, creating job opportunities, strengthening social safety nets,
promoting transparency in financial transactions, establishing international
codes and standards for financial supervision and increasing oversight of rating
agencies.
ycm@yna.co.kr
(END)
