The presidential council for G20 planning and coordination was reformed and expanded to emerge as the G20 Summit Preparation Committee. And each Ministry's G20-related taskforces were integrated to assist the G20 Summit Preparation Committee in making full-scale preparations for the upcoming big event.
The G20 Seoul Summit will revolve around post-crisis global economic management and ways to lay the foundations for the global economy's balanced, sustainable growth.
To that end, the G20 Summit Preparation Committee has been in close cooperation with both domestic and global think tanks to craft the agenda for the G20 Seoul Summit and coordinate opinions. On top of that, the G20 Summit Preparation Committee has been closely working with the IMF, the World Bank, and the OECD.
In the run-up to the fourth G20 Summit on June 26-27 in Toronto, G7 Finance Ministers' and Central Bank Governors' Meeting was held in April in Washington. And the G20 vice finance ministers' and deputy central bank governors' meeting will take place on June 3-5 in the port city of Busan, S. Korea. In addition, to discuss what should be included on the G20 agenda, G20 Sherpa meetings and various kinds of preparatory meetings are scheduled to be held.
In November this year, the same kinds of preparatory meetings will take place to put the finishing touches on the G20 Seoul Summit. Besides, preliminary meetings will be held to get everything set for Business Summit, slated to be held in November, right before the G20 Seoul Summit.
The future role of the G20
The G20 Summit Preparation Committee said, "Timely international collaborations have greatly contributed to the early-than-expected global economic recovery. It is fair to say that the G20 Summit meetings, held in Washington, London and Pittsburg, have played a pivotal role in riding out the latest financial storm."
The G20 Summit Preparation Committee said that what had been agreed upon in the last three G20 Summit meetings should be thoroughly implemented to prevent a repeat of the latest global financial meltdown. The Committee also reckoned that the G20 nations should reach out to non-G20 nations in order to enhance the legitimacy of the G20 and entrench itself as a global premier forum for forging global economic cooperation.
The Committee mentioned, "The latest global economic crisis has taught us a lesson that the global economy has already reached to a point where the global economy is too closely interwoven to be independent from one another. In other words, a nation, or a region, alone can not work out its own problems. Thus, international cooperation has become indispensible and the role of the G20, as a premier forum for global economic discussions, has significantly grown in importance."
The agenda for the G20 Summit in Seoul
60% to 70% of the agenda for the G20 Seoul Summit is about the implementation of the previous agendas, which had been agreed upon in the past three G20 Summit meetings. The G20 members have reached consensus on macroeconomic cooperation aimed at warding off a recurrence of the global financial crisis; the implementation of the G20 Framework for Strong; Sustainable and Balanced Growth; reform of financial supervisory systems ;and restructuring of international financial institutions - such as the IMF and the World Bank.
South Korea, as the G20 chair, is determined to follow through with the previous agreements and has been brainstorming to bring up brilliant agenda items that can facilitate the implementation of the G20 Framework for Strong, Sustainable and Balanced Growth. S. Korea has been calling for creating a new global financial safety net that can smooth out the imbalances in global trade and development by relieving emerging market countries of the need to stash huge foreign reserves as protection against volatile capital movements.
The Committee also mentioned, "Imbalances in the global economy are not solely limited to macroeconomic issues. The gaps between the developing and developed worlds should be factored in. Therefore, we will make economic development issues an additional agenda item. In particular, S. Korea, as an OECD member, has learned invaluable lessons from its hard-earned economic development and the 1997 Asian financial crisis. That's why many countries think that it will be the most appropriate for S. Korea to put the issue of economic development on the G20 agenda."
Plus, issues regarding trade liberalization, food security and energy security are likely to be put on the G20 table as well.