Int`l Symposium Urges Gradual Expansion of G20`s Role

Participants at the Group of 20 International Symposium in Seoul said Tuesday that the G20`s role will be expanded and full-fledged discussion on its institutionalization will begin on the occasion of the fifth G20 summit in November.

The two-day symposium was co-organized by The Dong-A Ilbo, Korea Development Institute and the U.S.-based think tank Brookings Institute and opened Tuesday at the Seoul COEX.

The symposium`s eight sessions will discuss agenda items of the forthcoming Seoul summit, such as development, financial safety net, cooperation among international organizations and global imbalances.

Brookings Vice President Kemal Dervis said the worst of the global financial crisis is over but risk remains in every corner of the world. He added that emerging economies are suffering due to slowing economic growth and fiscal problems in advanced economies, adding that the Seoul summit should focus on these issues.

Dong-A President Kim Jae-ho said, “The hosting of the G20 summit is a testament to Korea’s remarkable achievements,” adding, ”To tackle the challenges facing the world, cooperation among advanced, emerging and developing countries is needed and Korea can play the role of a bridge in such cooperation.”

In his keynote speech, Sakong Il, a former Korean finance minister who now chairs the Presidential Committee for the G20 Seoul Summit, said, “After the onset of the global financial crisis, the G20 helped the world avert another Great Depression through international macroeconomic policy coordination. To maintain such global collaboration, the G20`s institutionalization is necessary.”

A combined 650 people from the private and public sectors at home and abroad, including those from international organizations, will take part in the two-day symposium.

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