Significance and objectives of G20 Hamburg summit

2017 G20 정상회의의 의미와 과제

Later this week,... the leaders of the world's top 20 economies, including President Moon Jae-in,... will put their heads together in a bid to rev up the global economy.
As a preview to the big event in Germany,... we are going to take a look back at the history and significance of the G20 summit... courtesy of our Kim Mok-yeon.
[STANDING] ed: Steve
"Back in 2010, the G20 summit was held here, at the COEX Convention and Exhibition Center in Seoul.
This time around, the summit will take place in the German city of Hamburg.
But, following the recent trend of nationalization, what could this year's theme of "shaping an interconnected world" mean to the global economy?"

The G-20, or Group of Twenty, was founded in 1999 in the wake of the Asian financial crisis.
Leaders from the member countries met for their first summit in 2008, and since then, member states have worked together on policies to promote global financial stability.


"..but after 2008, it became g20 countries and their mission has been accomplished in many ways.The global financial situation has been stabilized, we know that the Eurozone economy is growing, and global trade is also taking off, So the global economic situation is much better."

The G20 consists of the world's 19 biggest economies plus the EU.
In total, they represent 85 percent of the Gross World Product, 80% of world trade, and two-thirds of the world's population.
This year's summit is chaired by Germany, which says its priority is ensuring stability, making sure the world economy continues to recover... and accepting responsibility for humanitarian issues.
Tensions are higher than usual,... with Britain withdrawing from the EU,... and President Trump pulling America out of both the Paris climate accord and the Trans-Pacific Partnership.


"Therefore in order to fulfill my solemn duty to protect America and its citizens, the U.S. will withdraw from the Paris climate accord for terms that are fair for the U.S. citizens, its businesses, its wokers, its people and its taxpayers."

But according to German Chancellor Angela Merkel, it's about promoting globalization wisely and equally.

: Reuters
"I think we are going to face some challenges, because there are very different visions of globalizations around. My vision of globalisation is that in the global and interconnected world we need a rules-based trade system where all sides can win."

To fulfill her goal of building an open world economy, experts say the key will be communication.


"In other words, they want to communicate each other and by interconnection, it means communication and mutual understanding. So I think they will try to communicate, especially with the U.S., they will try to reduce the difference in the gaps, try to reduce the protectionist sentiment, especially from the U.S."

The G20 also promotes global trade by working with the World Trade Organization and the OECD,... monitoring trade and investment policies... to see whether members are setting up trade barriers against each other.
The G20 has also been working to strengthen cooperation on macroeconomic policies to tackle global economic uncertainty.

For South Korea, the upcoming summit will see the debut of President Moon Jae-in's multilateral diplomacy.

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"The Korean government is planning to introduce the new government's key economic policies to the G20 nations and seek ways to create mutual assistance in terms of trade in the future."

And President Moon is expected to discuss those topics with his fellow leaders... with the shared goal of international financial stability.

Kim Mok-yeon, Arirang News.

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[BrearleyRay]

This news item provides a balanced summary of G20 Hamburg preceded by a short history. I feel encouraged to learn more about what is being decided on our behalf by the G20 leaders.