Korea has been selected to host the next Group of 20 summit in November next year. During the third G20 summit in Pittsburgh, Korea was named host country of the 2010 summit as well as the announcement that the forum would now become an annual event.
Until now the G20 has only been a provisional meeting to discuss ways to overcome the global financial crisis. However, the decision to make it an annual event will ensure it becomes an important opportunity to discuss global economic affairs and policies. The selection of Korea as the host country means Korea will take a central role in discussing global issues, reflecting the country’s elevated standing in the international community.
Korea tried aggressively to bridge the interests of advanced and emerging economies during the first G20 summit in Washington D.C. last year. During the second G20 summit in London in April, Korea helped formulate international guidelines regarding the disposal of insolvent assets based on its own experiences during the Asian financial crisis. We believe such efforts helped in Korea being named as the next host country.
Focusing on reforming the framework of the post-crisis global economy, the upcoming summit is expected to handle tough issues with conflicting interests between advanced and emerging countries. As the chair and host country of the summit, Korea’s ability to handle such sensitive issues will be put to the test.
Korea has now not only become a member of the global leadership group, but has also been given the job of initiating agendas on major economic issues and seeking worldwide solutions. As President Lee Myung-bak said in a recent media conference televised live around the nation, Korea’s hosting of the Group of 20 Summit should be seen as an opportunity to upgrade the country’s position in the global community. Only astute preparation will enable Korea to take this chance to further enhance its international standing and prestige.