The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    14 injured as escalator reverses at Sunae Station in Bundang

  • 3

    JYP founder to work as guest commentator for NBA finals on Korean cable

  • 5

    Gov't to launch intensive crackdown against foreigners committing drug crimes

  • 7

    Experts skeptical about effectiveness of S. Korea's UNSC seat to rein in NK

  • 9

    S. Korea wins seat on UN Security Council for 2024-25

  • 11

    Korea, Poland celebrate rollout of Warsaw's first FA-50

  • 13

    Yido bridges East, West via fusion cuisine in crafted ceramics

  • 15

    Coupang, Baemin under pressure from radical labor groups

  • 17

    Apple's Vision Pro likely to accelerate Samsung's race in XR eyewear biz

  • 19

    Big events come in threes for Korean football

  • 2

    RM to attend Seoul festival to mark BTS' 10th anniv.

  • 4

    BTS lifts veil on upcoming 10th anniversary event

  • 6

    Heart transplant recipients tie the knot

  • 8

    Seoul Queer Culture Festival venue moved to Euljiro

  • 10

    Dog meat traders condemn first lady, animal rights groups' push for ban

  • 12

    Samsung to unveil new foldable phones at Galaxy Unpacked in Seoul

  • 14

    Ad or song?: Coca-Cola Zero ad featuring NewJeans becomes marketing blueprint

  • 16

    Rise in temperatures, solar radiation by 2100 inevitable: weather agency

  • 18

    INTERVIEWSpaceX's Starlink in Kyiv is wake-up call for Seoul

  • 20

    PHOTOSSubway escalator accident

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Fri, June 9, 2023 | 20:56
Business
Seoul wants G20 secretariat in Seoul
Posted : 2010-09-28 18:08
Updated : 2010-09-28 18:08
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Sakong Il said G20 needs to become a permanent institution with a fixed secretariat office

Sakong Il
Top G20 Seoul summit organizer
By Cho Jin-seo

Sakong Il, the chairman of the Presidential Committee for the G20 Summit, said Tuesday that the meeting of the world's 20 largest economies needs to become a permanent institution with a fixed secretariat office, so that it can replace at least some of the duties undertaken by the G8 as a global decision-making body.

The chairman's remark echoes escalating calls for wider and more consistent international cooperation, amid rising tension about protectionism among the world's bigger economies, such as China, Japan and the United States.

It is also in line with the wish of emerging economies, including Korea, to get better representation in the global political and economic decision-making process, which has largely been dominated by Europe and North America.

The idea of having a G20 secretariat was first raised by French President Nicholas Sarkozy in August, and formal discussions are to follow from November, Sakong said.

“We welcome President Sarkozy's proposal to establish a G20 secretariat,” Sakong said in an opening speech at a symposium in Seoul, which was jointly held by the Korea Development Institute and the Brookings Institution from the United States. “When the Seoul Summit is held successfully, then official discussions will begin on the institutionalization of the G20.”

The G20 leaders have met twice a year since the outbreak of the global financial crisis in 2008. Four cities have hosted the summits and officials of the host country played the role of mediator on various issues regarding an economic recovery and financial regulation reform.

There is no mandate on how long the 20 nations continue to hold the presidential meeting. It has only been decided that there will be only one summit next year in France and only one in Mexico in 2012.

Sarkozy rationalized that the G20 needs to create a secretariat, so it can oversee the implementation of its decisions effectively.

The Korean government has set up its own committee for November's Seoul Summit, where the G20 is to finalize most of the remaining financial reform issues after two years of tough negotiations. But the committee is in the form of a taskforce with people called up from various government departments, not a fixed institution. Most committee staff members believe they will have to find a new job after November.

Some countries, especially members of the G8, are known to be uncomfortable with the idea of expanding the G20. France, too, though it believes the G20 needs to have a home, has a different idea from Korea on the role of the secretariat.

While Korea wants to grow as the headquarters for global economic policy cooperation, France wants it to have a more general role in areas such as climate change and development.

Jacques Mistral, head of Economic Studies at the Institut Francais des Relations Internationales, said that the G20 should not undermine the International Monetary Fund (IMF) by trying to take over some of its duties.

“The G20 should not become an unnecessary addition to existing international institutions, given that the IMF already has a clear role as the global financial coordinator,” Mistral told The Korea Times on Monday during his visit to Seoul. He is France's advisor on G20 issues. The IMF is currently chaired by a Frenchman. “But if the G20 wants to expand in other areas such as climate control, then that is another matter,” he said.

Mistral also said that the discussion to institutionalize could get even more complicated, because the United States doesn't want to expand the G20's reach beyond economic issues, contrary to France's position.

“President Obama had said that it's an economic forum. He made a clear definition,” Mistral said, adding that the United States does not see the G20 completely replacing the G8 in political and especially military issues.
Emailcjs@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
Top 10 Stories
1Gov't to launch intensive crackdown against foreigners committing drug crimes Gov't to launch intensive crackdown against foreigners committing drug crimes
2Dog meat traders condemn first lady, animal rights groups' push for ban Dog meat traders condemn first lady, animal rights groups' push for ban
3[INTERVIEW] SpaceX's Starlink in Kyiv is wake-up call for Seoul INTERVIEWSpaceX's Starlink in Kyiv is wake-up call for Seoul
4Billy Graham Seoul Crusade celebrates 50th anniversary Billy Graham Seoul Crusade celebrates 50th anniversary
5Dollar remittance, foreign exchange rules to be eased Dollar remittance, foreign exchange rules to be eased
6Home gardening boom inspires plant adoption, specialized care services for leafy companions Home gardening boom inspires plant adoption, specialized care services for leafy companions
7Yoon's labor reform drive sputters as umbrella union exits talks Yoon's labor reform drive sputters as umbrella union exits talks
8Korean businesses seek tougher punishments for industrial espionage Korean businesses seek tougher punishments for industrial espionage
9Yoon calls for all-out efforts to win chip war Yoon calls for all-out efforts to win chip war
10Bookstore specializing in film is haven for readers and seaside lovers alike Bookstore specializing in film is haven for readers and seaside lovers alike
Top 5 Entertainment News
1Netflix's new original 'Bloodhounds' to deliver cathartic actionNetflix's new original 'Bloodhounds' to deliver cathartic action
2'Leaving Las Vegas' director Mike Figgis puts Korea in spotlight in new film 'Leaving Las Vegas' director Mike Figgis puts Korea in spotlight in new film
3White Cube to open space in Seoul White Cube to open space in Seoul
4Music festival brings attention to DMZ Music festival brings attention to DMZ
5China's hallyu restrictions likely to continue unless Seoul-Beijing ties improve China's hallyu restrictions likely to continue unless Seoul-Beijing ties improve
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group