South Korea welcomed the recent proposal to form a secretariat for Group 20. Sakong Il, chairman of the organizing committee for the G20 summit in the South Korean capital, said Seoul hopes the issue will be addressed during the summit.
“In the current circumstances, we have to continue working with the G-20 forum because G-8 cannot be the answer,” he said at an international symposium at the Seoul Summit. “It is true there are some pessimistic views about the future of the G20, but as chair of the forum, he ensured that he is determined to make the G20 Summit in South Korea a success,” he said. In the same way, South Korea also welcomed the proposal of French President Nicolas Sarkozy to form the G-20 Secretariat, he noted, a move that would show the ability of G20 member countries to continue holding the economic forum.
The summit of the 20 largest countries with the fastest growth in the world was first launched during late 2008 at the onset of the ongoing global crisis. It has since been named the “Premier Forum for Economic Cooperation” of the world, filling the steering committee role of the world that has long been played by G8, or Group of Eight most advanced and powerful countries in the world. “There is a need to solidify the status of the G20 summit as the world’s top referrer economic committee,” Sakong Il told during the meeting.
Sakong, however, emphasized the need for a global forum that focuses on the matters of international issues, rather than regional or bilateral disputes, such as the ongoing dispute between the United States and China over the recent grouping of its local currency.
Discussions on macroeconomic policies such as money currency issues are underway in the mutual valuation process of the G-20 as part of efforts to implement a framework on sustainable and balanced growth agreed at the Pittsburgh summit that was held in September 2009.