Korea Should Be Member of G7

The American Chamber of Commerce in Korea (AMCHAM) announced on May 12 that it made a proposal to the U.S. government to contemplate bringing Korea into the G7, considering the economic power and geopolitical status the country has.

The G7 is a group of Western countries comprising the United Kingdom, the United States, France, Canada, Italy, Japan and Germany, that have held annual summits for economic policies and political and security-related cooperation since 1975. From 1994, the group included Russia as a non-official member and has held a G8 meeting.

However, some critics understate the power of the G7 since the world’s sixth largest economy, China, is not a member of the group. As of 2003, Korea is the 11th largest country in the world, following China, Spain and Mexico.

Wayne Chumley, the chamber of commerce’s chairman, made the remark at a forum on the future of the Korean economy held in Manhattan, New York. The forum was sponsored by the Korea Society. Chumley also noted that Korea and the United States should conclude a FTA soon in order for Washington to use its close ties with Seoul and consolidate its status in Northeast Asia.

In addition, AMCHAM called for Korea to show its political will to resolve the issue of the screen quota, resume imports of American beef, raise the transparency of various regulations, and increase the flexibility of the labor market.

Kwon-Heui Hong konihong@donga.com