Others

Hyundai Heavy Industries Chairman Min Keh-sik, sixth from left i

Export-Import Bank of Korea Chairman and CEO Kim Dong-soo

US-China FX feud can mar G20

By Cho Jin-seo Experts warned Wednesday that the escalating protectionist sentiment in the United States and elsewhere could spoil the G20 Seoul Summit. Kemal Dervis, vice president of the Brookings Institution, a U.S. think tank, said that it was possible for G20 members to fall apart and fail to deliver consolidated solutions for global economic growth. The most apparent danger is that the fight between United States and emerging nations such as China, as U.S. politicians try to win voters ahead of the general election on Nov. 2, he said. “U.S. politics is in a gridlock...... I think the danger is very real,” Dervis said, in a forum held at the Hotel Shilla in Seoul, Wednesday. “The Chinese reaction could be quite strong as seen on other occasions. I really do believe there is a very serious risk for the world economy and for the summit itself. It has to be taken very seriously.” Overall, the outlook for global friendship is less cheerful than it was earlier this year, and the problem is that the officials involved in the G20 are not recognizing the change, he

Nobel laureate tells G20 to listen to poor nations

By Kim Tong-hyung The Group of 20 touts itself as the primary global forum for economic policy. But a lax commitment toward integrating the voice of poorer nations, such as the bulk of countries in Africa, could end up compromising its relevance, according to Nobel prize-winning economist and philosopher Amartya Sen. Meeting with Korean journalists on the sidelines of an international philosophy forum in Seoul, Wednesday, the Harvard University professor also criticized the governments of Europe and other advanced nations for mishandling the attempts to strengthen the recovery by prematurely shifting their focus to reducing deficits and halting the growth of debt. ``The G20 represents the traditionally rich countries, newly rich countries like Korea, and countries like China and India that are growing fast, but not the countries that are poor and not growing fast. There is a need for intelligent discussions within the G20 to reflect the voice of the more stagnant and stationary countries, especially of the bulk of nations in Africa,’’ Sen said. ``We also need more discu

Minister of Strategy and Finance Yoon Jeung-hyun, right ...

Seoul wants G20 secretariat in Seoul

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

Korea Customs Service Commissioner Yoon Young-sun ...

View from the world: Diplomats from 5 nations talk on Seoul Summit

Diplomats from 5 nations talk on what should be on G20 Seoul Summit's table By Cho Jin-seo The Korea Times conducted a small survey of diplomats in Korea on their nations’ interest and assessment for the G20 Seoul Summit, to be held in November. The results show that financial reform was the first thing in mind for France, while economic recovery and balance of international trade were priorities for the United States and the United Kingdom. Meanwhile, Vietnam, a Non-G20 country which is expected to be an observer at the summit as the chair country of ASEAN, called for Korea to play a bridging role between developed and developing nations. They were in unison in praising Korea’s efforts in preparing for the summit. But there was no agreement made when it comes to the food to be served at the summit’s welcome dinner table. Probably the U.S. had the right answer: a little bit of everything can be a safe solution for the G20 chefs. Q1: What is your definition of G20, in less than 10 words? Q2: What is going to be the most critical agenda for your country? Q3: What

Seoul to propose multi-year action plan for sustainable development

This is the final of a four-part series on the G20 Seoul Summit agenda. ― ED. 1. Framework for strong, sustainable, balanced growth (Aug. 13) 2. Reform of the IMF (Aug. 23) 3. Basel III ­new banking regulations (Sep. 2) 4. Development of poor countries (Sept. 27) By Cho Jin-seo The G20 has a publicity problem. What it deals with mostly is issues on global finance and macroeconomic policies, which ordinary people do not know of, and do not care to know about. Only the development agenda _ helping poor countries get out of poverty _ has the power to win the empathy of the public. Sadly, this has made little impact and progress so far, compared to other lesser-known issues such as financial reform and bank capital ratios, which are almost completed. Ban Ki-moon, the secretary general of the United Nations, feels that the development issue deserves more attention within the G20. “The G20 meeting has focused on current affairs that need immediate actions. But there is criticism that it has neglected other agendas such as development and climate change,” he told Korean

G20 will surpass Olympics in global impact

“In the case of the G20 Summit, the world will watch Korea in terms of Korea’s ability to lead the global community in finding solutions for many economic problems facing the world today.” By Kim Jae-kyoung Despite the government’s efforts to promote the G20 Seoul Summit, many people have doubts about the impact the international gathering will have on the Korean economy and its reputation as they believe it is not expected to attract as much global attention as — for example — the Seoul Olympics in 1988. In fact, President Lee Myung-bak and his administration have so far failed to brighten up the mood of Koreans. Not so many people here are excited about the country hosting the global event. However, one noted international expert dismissed such concerns, stressing the significance of the world’s policy forum for Asia’s fourth largest economy. “The G20 Summit has the potential to be the most significant international event Korea has hosted since the founding of the Republic in 1948,” Kim Ki-hwan, chairman of Seoul Financial Forum, said in an interview with