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By Song Kyung-jin
The 49th G7 Summit 2023 is held today in Hiroshima, Japan until May 21. President Yoon Suk Yeol has been invited to this G7 Summit. This is the fourth time for Korea's president to be invited to attend such a meeting after the Hokkaido Toyako G8 2008, L'Aquila G8 2009 and Cornwall G7 2021.
While the decision to invite non-G7 nations to the G7 Summit lies with the host country and is respected as the host's prerogative, the list of invitees is perceived to be strategically important in addressing global political and economic issues and better serving the global public good. Oftentimes, the host also invites countries that have special historical relationships.
Korea's participation in the G7 is an outcome of its credibility and leadership accumulated in the global collective endeavor and contribution toward the recovery from the 2008 global financial crisis and the promotion of democracy and universal values. It per se is in close alignment with Korea's aspirations to become a global pivotal state.
In discussions with the guest countries and the eight outreach international organizations, the G7 is stated to focus on securing the rules-based international order and expanding the G7 cooperation with the Global South in dealing with the global economy, climate change, food security, public health and development.
President Yoon has emphasized many times the central importance of freedom, the rule of law, human rights and democracy for peace, stability and prosperity in the region and around the world. Korea is determined to closely cooperate with like-minded countries to promote the values and beliefs it upholds, welcoming all that are willing to join this noble cause and not excluding anyone.
Korea, in particular, can do a great deal more on the front of cooperation with the Global South. Cooperation with the Global South is what Korea has been emphasizing since the Seoul G20 Summit 2010 whereby it brought the development agenda as a G20 core pillar after a series of strenuous negotiations with the G7. The world knows well that it is Korea's initiative.
Central to Korea's argument then was that the time had come for the global key players to do away with the charity-like assistance to emerging and developing countries and instead start assisting the developing world to learn how to catch fish. Korea offered itself as a bridge between the developed and developing worlds.
For instance, Korea knows more than any of the G7 countries what poverty and hunger are like. Investment in research and development for agricultural productivity emancipated Koreans from hunger. Korea is now committed to cooperation with developing countries so they may follow suit as quickly as possible with climate-resilient agricultural technology.
As part and parcel of this engagement, Korea has been deliberately increasing its official development assistance (ODA) as a share of the gross domestic product. The ODA budget was increased by 18 percent this year and will likely be increased equally or even further next year.
Cooperation with the Global South needs to be aligned with the United Nations Sustainable Development Goals that both the G7 and the G20 endorsed and adopted as an integral part of their agenda. It requires much more coordination and cooperation between the G7 and the G20 where Korea's contribution is much expected to ensure delivery of commitments in the two important global steering committees. Hence, the progress of the G7 Partnership for Global Infrastructure and Investment pledged at the Schloss Elmau G7 2022 should be reviewed and recommitted in Hiroshima.
Korea together with India as the G20 presidency 2023 should call for expediting the climate financing enhancement of multilateral development banks such as the World Bank to support emerging and developing countries to deal with climate change.
President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida, the G7 host, have agreed to visit the Cenotaph for Korean Victims at the Hiroshima Peace Memorial Park to pay respects to the Korean atomic bomb victims during the G7 Summit. The manifold significance of the first-ever joint visit by a Korean president and a Japanese prime minister cannot be overstressed. The noble act of the two leaders will go down in history as an immensely powerful message for peace and harmony for a nuclear-free world in sync with the Hiroshima Action Plan expected to be endorsed by the G7. It demonstrates a great leap forward toward better and future Korea-Japan relations. It is happening at the proposal and leadership of President Yoon. Prime Minister Kishida's leadership deserves appreciation, too.
The main agenda of the G7 proper includes Ukraine, the Free and Open Indo-Pacific, economic, energy and food security, digitalization, health and development, gender equality and nuclear disarmament. They all have great relevance to Korea, too, calling for its engagement and leadership. By living up to the expectations of the global community, Korea will be one step closer to the global pivotal state it aspires to be.
Dr. Song Kyung-jin (kj_song@hotmail.com) led the Institute for Global Economics (IGE), based in Seoul and served as special adviser to the chairman of the Presidential Committee for the Seoul G20 Summit in the office of the president. Now, she is the executive director of the Innovative Economy Forum.
