President Lee Jae-myung emphasized at the Group of 20 (G20) summit on the 22nd (local time) in South Africa that we must ease gaps and inequality and move toward a path where we prosper together.
At the first session of the summit held under the theme of inclusive and sustainable growth that leaves no one behind, Lee said, if this imbalance deepens as it is, we will not be able to guarantee our future, and stated accordingly.
Lee then proposed three solutions for moving toward the path of prospering together. ▲ Easing developing countries' liability vulnerability ▲ Restoring the functions of the multilateral trading system ▲ Enhancing the effectiveness of development cooperation.
As the first point, Lee assessed that in the case of developing countries, excessive liability burdens are limiting the capacity for investment for growth, weakening the driving force for sustainable growth. Lee then said, we must transform the economic structure into a virtuous cycle that concentrates resources in areas with high growth potential to create wealth and reduce the liability ratio, and we must not stop efforts to strengthen the sustainability of liabilities.
Lee also introduced that Korea is pursuing a performance-centered fiscal policy that increases gross output by investing in future growth areas such as artificial intelligence (AI) and, in the long term, seeks to reduce the liability ratio.
Second, Lee proposed that international organizations must play their roles to ensure a predictable trade and investment environment. In particular, saying that restoring the functions of the World Trade Organization (WTO) serves everyone's interests, Lee pledged, Korea will actively cooperate to ensure the success of next year's WTO ministerial conference to be held in Africa. Lee added, we will work to have the investment facilitation agreement, which Korea has led, adopted as a formal agreement at next year's WTO ministerial conference.
Third, Lee noted the importance of international cooperation to maximize development effectiveness in developing countries. Specifically mentioning multilateral development banks in which multiple countries participate to support the development of regional developing countries, Lee said, previously, Korea led the adoption of the multilateral development bank reform roadmap assessment and reporting framework. We will continue to join these reform efforts going forward.
Meanwhile, regarding this summit, Lee said, it is very meaningful that the G20 meeting is being held for the first time in South Africa, the cradle of humanity. Korea will actively cooperate for the success of the meeting.
Lee continued, as a member of the G20, Korea will fulfill its responsibility and role. We will pursue inclusive growth that allows everyone to have opportunities and minimize the number of countries that are left behind, expressing support for the activities of the Africa Cooperation Framework, a multinational policy unit formed with the goal of sustainable development for African countries.