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Lee: G20 will set post-crisis agenda

Lee: G20 will set post-crisis agenda

South Korean President Lee Myung-bak said Thursday the Group of 20 will redouble efforts to coordinate policies toward global economic recovery and set the post-crisis agenda.
Lee said the major economies will follow-up on initiatives to reform financial regulations including finding ways to counter the boom-bust nature of the international financial system and tackle the issue of institutions that are "too big to fail."
Lee is the chair of the G-20 _ the first chair outside the original Group of Eight industrial powers _ and will host its summit in Seoul in November. He is also the first South Korean leader to address the World Economic Forum's annual meeting.
The G-20 took the lead in trying to overcome the global financial crisis that plunged most of the world into recession and cost millions of jobs. Its members _ 19 countries with some of the world's biggest industrial and emerging economies, plus the European Union _ represent about 90 percent of the world's gross national product, 80 percent of world trade and two-thirds of the global population.
"The G-20 will continue this year its efforts to overcome the consequences of the global financial crisis and to redouble its efforts in coordinating policies toward recovery," Lee said.
"In addition, it is time for the G-20 to set the post-crisis agenda and to build a platform that will ensure the sustained and balanced growth of the world economy in the months and years ahead," he said.
While tackling reform of the global financial regulatory system, he said the G-20 will also be looking at reforming international financial institutions including the World Bank and the International Monetary Fund.
"The recent crisis pointed up weaknesses of the current system of international crisis prevention and early warning," Lee said.
"As we approach the Seoul summit, we will devote our energies toward reaching agreement on a stronger and more effective early warning and surveillance mechanism at international level," he said.
The South Korean leader said one of the G-20 tasks "will be to coordinate the transition to a more normal policy stance once the appropriate conditions are in place."
"As the global economy finds its feet again, each G-20 country will need to consider personally how it will implement its exit strategy taking account of local economic conditions," Lee said.
He said the G-20 must also "shift toward putting in place a longer-term framework for policy coordination that will ensure for sustainable and balanced growth of the world economy."
Previous G-20 summits have played "a pivotal role in resisting protectionist measures," Lee said, "and we need to reaffirm the importance of continuing our stance against protectionism."
He called for the Doha round of trade negotiations to be completed before the end of the year _ as the G-20 promised in 2009 _ and stressed that this "should be given the highest priority."
There has been no progress in the trade round since 2008.
"The financial crisis and economic downturn have increased the pressures for protectionism. We should be on our guard against protectionism," Lee said.


Updated : 2021-07-29 08:46 GMT+08:00