2010 G-20 Seoul summit

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G20 Summit on Financial Markets and the World Economy
Host country South Korea
Date November 11–12, 2010
Venue(s) COEX Convention & Exhibition Center, Seoul, South Korea
Participants G-20 (+ Ethiopia, Malawi, Singapore, Spain, Vietnam), ASEAN, AU, FSB, 3G, ILO, IMF, NEPAD, OECD, UN, WBG, WTO
Follows Toronto summit, 2010
Precedes Cannes summit, 2011
Website seoulsummit.kr
World leaders at the 2010 G-20 Seoul summit

The 2010 G20 Seoul Summit was the fifth meeting of the G-20 heads of government, to discuss the global financial system and the world economy,[1] which took place in Seoul, South Korea on November 11–12, 2010. Korea was the first non-G8 nation to host a G-20 Leaders Summit.[2]

The G20 is the premier forum for discussing, planning and monitoring international economic cooperation.[3]

The theme of the summit was "Shared Growth Beyond Crisis."[4]

Agenda[edit]

The summit leaders addressed several mid- and long-term policy issues,[5] including

  • Ensuring global economic recovery[6]
  • Framework for strong, sustainable, and balanced global growth[6]
  • Strengthening the international financial regulatory system[6]
  • Modernizing the international financial institutions[6]
  • Global financial safety nets[7]
  • Development issues[7]
  • The risk of a currency war

Representatives met in advance of the leaders' summit. These sherpas were tasked to draft a closing statement for the summit. The debate over currency exchange rates and imbalances was reported to have been "heated."[8]

Preparations[edit]

The summit logo incorporates two images: (a) the sun rising over the sea; and (b) a traditional Korean lantern (cheongsachorong).[1]

Originally, three new artificial islands built on the Han River between the Banpo and Dongjak bridges were going to be used as the main summit venue.[9] However, delayed construction of the islands led for the main summit venue to relocate to COEX Convention & Exhibition Center.

The Republic of Korea Armed Forces and Seoul Metropolitan Police Agency provided security for the summit venues and the vicinity.

Transportation[edit]

Most world leaders and international media arrived via Incheon International Airport and traveled to the summit venue via motorcades along the highway from the airport.

Transportation around the summit venue was upgraded with electric buses to help media and others around the city.

Attendance[edit]

American President Obama and Turkish Prime Minister Erdoğan in conversation.

The participants of the Seoul summit included the leaders and representatives of core members of the G-20 major economies, which comprises 19 countries and the European Union which is represented by its two governing bodies, the European Council and the European Commission,[10] Representatives from other nations and regional organizations were invited to take part in the summit.

The South Korean government declined to invite the Netherlands, which had been invited to attend all four previous G20 summits. A Korean spokesman said that "a certain region had been over-represented" in the past; and for this Asian summit, Singapore was invited.[11]

This was the first summit at which there were four women among the leaders. In addition to President Kirchner of Argentina, Prime Minister Gillard of Australia, and Chancellor Merkel of Germany, the president-elect of Brazil, Dilma Rousseff, accompanied her nation's delegation.[12]

This was the first G20 summit for Australia's Prime Minister Gillard, who was only elected shortly before the Toronto summit.[13] This was also the first opportunity for Prime Minister Lee Hsien Loong of Singapore to listen and to make his voice heard at the G20 leaders' meetings.[11]

G-20 members
Host nation and leader are indicated in bold text.
Member Represented by Title
Argentina Argentina Cristina Fernández de Kirchner[14] President
Australia Australia Julia Gillard[15] Prime Minister
Brazil Brazil Luiz Inácio Lula da Silva[16] President
Canada Canada Stephen Harper[17] Prime Minister
China China Hu Jintao[18] President
France France Nicolas Sarkozy[19] President
Germany Germany Angela Merkel[16] Chancellor
India India Manmohan Singh[20] Prime Minister
Indonesia Indonesia Susilo Bambang Yudhoyono[21] President
Italy Italy Silvio Berlusconi[16] Prime Minister
Japan Japan Naoto Kan[22] Prime Minister
Mexico Mexico Felipe Calderón[23] President
Russia Russia Dmitry Medvedev[24] President
Saudi Arabia Saudi Arabia Saud bin Faisal bin Abdulaziz Al Saud[25] Foreign Minister
South Africa South Africa Jacob Zuma[26] President
South Korea South Korea Lee Myung-bak[27] President
Turkey Turkey Recep Tayyip Erdoğan[16] Prime Minister
United Kingdom United Kingdom David Cameron[28] Prime Minister
United States United States Barack Obama[29] President
European Union European Commission Jose Manuel Barroso[30] President
European Council Herman Van Rompuy[16] President
Invited states
State[31] Represented by Title
Singapore Singapore Lee Hsien Loong[32] Prime Minister
Spain Spain José Luis Rodríguez Zapatero[16] Prime Minister
Vietnam Vietnam Nguyễn Tấn Dũng[33] Prime Minister
International organisations
Organisation[31] Represented by Title
African Union Bingu wa Mutharika[34] Chairman
ASEAN Surin Pitsuwan[35] Secretary General
Nguyễn Tấn Dũng[33] Chairman
Financial Stability Forum Mario Draghi[36] Chairman
International Labour Organization Juan Somavía[35] Head
International Monetary Fund Dominique Strauss-Kahn[37] Managing Director
NEPAD Meles Zenawi[38] Chairman
OECD José Ángel Gurría[39] Secretary-General
United Nations United Nations Ban Ki-moon[40] Secretary General
World Bank Group Robert Zoellick[41] President
World Trade Organization Pascal Lamy[42] Director-General

Security[edit]

Security for the G-20 summit presented a unique array of problems. In addition to the security of the main venue, COEX, South Korea was more broadly responsible for providing a safe venue for the delegations who come to the summit. The National Police Agency led the security detail for the summit, both at the convention venue and the airport as well. Other police and security agencies involved were:

A squad of riot police in front of the Korea Press Center in downtown Seoul — November 7, 2010
Demonstrators converged on downtown Seoul in protest against the G20 leaders' summit. The labor rally took place in Seoul City Plaza near city hall — November 7, 2010

In preparation, anti-terrorism drills were held by members of the South Korean police, military, special forces and private sector as part of the 2010 Ulchi-Freedom Guardian exercises against simulated hostage situations and chemical, biological and radiological attacks as a preparation for the summit.[43]

Plans for accommodating peaceful protesters were paired with plans for mitigating disruptive demonstrations.

The G-20 raised security concerns unrelated to demonstrators protesting the presence of the leaders of 20 economies in Seoul. For example, some analysts projected that anything perceived as a success for South Korea would be simultaneously construed in Pyongyang as a threat to North Korea.[44]

Despite public endorsements by attending leaders, most commentators looking back on the summit have argued that only limited progress was made, especially on the headline issue of currency war and addressing trade imbalances.[45] [46][47][48][49][50][51] Leaders were generally unable to agree on key issues, with commentators such as economist Eswar Prasad noting the absence of the sense of unity that had been present at summits during the worse of the global financial crisis of 2007 -2009. IMF managing director Dominique Strauss-Kahn said this particular summit was "more of a G20 debate than a G20 conclusion".[46]

Relating to the need to rebalance the world economy, agreement had been reached to work on indicative guidelines which will set suggested maximum limits for current account surpluses and deficits, though these are not due to be fleshed out until 2011. G20 leaders also agreed to endorse the Seoul Development Consensus, a set of guidelines and principles for working together with less development nations to improve economic growth and reduce poverty. In contrast to the older Washington Consensus which it supersedes, the Seoul Consensus is less free market orientated, allowing a bigger role for state intervention.[52][53]

See also[edit]

References[edit]

  1. ^ a b Cho Jin-seo. "Seoul unveils G20 summit's symbol," Korea Times (ROK). July 8, 2010; retrieved Nov 10, 2010.
  2. ^ Oliver, Christian. "Seoul: S Korea looks forward to its own party," Financial Times (UK). June 25, 2010.
  3. ^ Parliament (UK): Townsend, Ian. "G20 & the November 2010 Seoul summit" (SN/EP/5028), October 19, 2010, retrieved 2011-04-07; excerpt, "Today, we designated the G-20 as the premier forum for our international economic cooperation" citing "Pittsburgh G20 Leaders’ summit communiqué," ¶50 September 29, 2009, retrieved 2011-04-07; excerpt, "Today, we designated the G-20 as the premier forum for our international economic cooperation. We have asked our representatives to report back at the next meeting with recommendations on how to maximize the effectiveness of our cooperation. We agreed to have a G-20 Summit in Canada in June 2010, and in Korea in November 2010. We expect to meet annually thereafter, and will meet in France in 2011.
  4. ^ "G-20 preparation committee adopts catchphrase 'Shared growth beyond crisis'," Yonhap News Agency. July 20, 2010; retrieved Mar 5, 2011.
  5. ^ Il SaKong, Amar Bhattacharya, Mahani Zainal Abidin, Marcus Noland. "Shaping the G20 Agenda in Asia: The 2010 Seoul Summit," East-West Dialogue (US) April 29, 2010; retrieved Nov 10, 2010.
  6. ^ a b c d G20 Seoul summit, Agenda
  7. ^ a b G20 Seoul summit, New agenda and initiatives
  8. ^ Kaiser, Emily and David Chance. "G20 Deputies' Meeting 'heated" Spokesman Says," Reuters (UK). November 9, 2010; retrieved Nov 9, 2010.
  9. ^ Kang Shin-who. "Seoul to Host G20 Summit on 'Floating Islands' on Han River," Korea Times (ROK). January 10, 2010; retrieved Nov 10, 2010.
  10. ^ Rieffel, Lex. "Regional Voices in Global Governance: Looking to 2010 (Part IV)," Brookings (US). March 27, 2009; retrieved Nov 10, 2010; "core" members (G20 official site)
  11. ^ a b Cho Jin-seo Five non-G20 nations invited to Seoul Summit Korea Times (ROK). September 24, 2010; retrieved Nov 10, 2010
  12. ^ Phillips, Tom. "Will the G20 summit put women at the top of the agenda?" Guardian (UK). November 10, 2010.
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  14. ^ "President CFK travels to Seoul for G20," Buenos Aires Herald (Argentina). November 10, 2010; retrieved Nov 10, 2010.
  15. ^ Grattan, Michelle. "Seoul Honours Fraulein Gillard," Sydney Morning Herald (Australia). November 11, 2010; retrieved Nov 11, 2010.
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  22. ^ "Japan PM Says to Explain FX Stance to G20 if Needed," Reuters (UK). November 10, 2010; retrieved Nov 11, 2010.
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  24. ^ Ser Myo-ja. "Lee Meets Medvedev in First of Many Bilaterals," Korea JoongAng Daily (ROK). November 11, 2010; retrieved Nov 11, 2010
  25. ^ Ghazanfar Ali Khan. "Saud Heads Kingdom’s G20 Team,"Arab News (Saudi Arabia). November 10, 2010; retrieved Nov 11, 2010.
  26. ^ "Zuma Arrives in Seoul Ahead of G20," Independent (South Africa). November 10, 2010; retrieved Nov 11, 2010.
  27. ^ Kim So-hyun. "Lee to hold separate talks with G20 leaders," Korean Herald (ROK). November 11, 2010; retrieved Nov 11, 2010.
  28. ^ Inman, Phillip and Patrick Wintour. "G20 Summit at Odds over Global Recovery Pact," Guardian (UK). November 10, 2010; retrieved Nov 10, 2010.
  29. ^ Chan, Sewell and Sheryl Gay Stolberg. "In Message to G-20 Leaders, Obama Aims to Calm Tensions," New York Times (US). November 10, 2010; retrieved Nov 11, 2010.
  30. ^ Boschat, Nathalie. "ET EU Barroso: G-20 Needs To Tackle Imbalances Decisively," Wall Street Journal. November 11. 2010.
  31. ^ a b Invitations to the G20 Seoul Summit Issued to Non-G20 Member Countries and International Organisations
  32. ^ Chang, Rachel. "PM heads to Seoul for G-20," Straits Times (Singapore). November 10, 2010; retrieved Nov 10, 2010.
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  34. ^ Jiyun Jang. "Malawi President Arrives in Seoul For G20 Summit," Arirang News (ROK). November 9, 2010; retrieved Nov 9, 2010
  35. ^ a b "G-20's Poverty Reduction Agenda" (박희태 "인류 빈곤해소가 서울 G20회의 핵심 의제), Asia Economy Daily (ROK). November 11, 2010; retrieved Nov 11, 2010.
  36. ^ Cho Jin-seo. "G20 to Beef Up Vigilance on Banks," Korea Times (ROK). November 11, 2010; retrieved Nov 11, 2010.
  37. ^ Lee Chi-dong "G-20 leaders start Seoul session," Yonhap News Agency. November 11, 2010; retrieved Nov 11, 2010.
  38. ^ Kim Tae-gyu. "Ethiopian PM Asks for Brisker Korea-African Cooperation," Korea Times. November 11, 2010; retrieved Nov 11, 2010.
  39. ^ Mu Xuequan. "Global Leaders Arriving in Seoul for G20 Summit," Xinhua (China). November 10, 2010; retrieved Nov 11, 2010.
  40. ^ Wang Guanqun. "UN chief stresses necessity of cooperation between UN, G20," Xinhua (China). November 10, 2010; retrieved Nov 10, 2010
  41. ^ Beattie, Alan. "Deep Fractures Damage Hopes of G20 Breakthrough," Financial Times. November 10, 2010; retrieved Nov 11, 2010.
  42. ^ Mallard, William. "WTO's Lamy: US, Korea 'Will Get There' On Free-Trade," Wall Street Journal. November 11, 2010; retrieved Nov 11, 2010.
  43. ^ "South Korea stages anti-terror drill," BBC News (UK). August 18, 2010; retrieved Nov 10, 2010
  44. ^ Kirk, Donald. "Seoul wary of success backlash," Asia Times (Hong Kong). July 7, 2010; retrieved Nov 10, 2010
  45. ^ Andrew Walker and other BBC staff (November 12, 2010). "G20 to tackle US-China currency concerns". BBC. Archived from the original on November 16, 2010. Retrieved 2010-11-17. 
  46. ^ a b Chris Giles, Alan Beattie and Christian Oliver in Seoul (November 12, 2010). "G20 shuns US on trade and currencies". The Financial Times. Retrieved 2010-11-12. 
  47. ^ Gabriel Elizondo (November 11, 2010). "Currency 'wars' dominate G20 summit". Aljazeera. Archived from the original on November 12, 2010. Retrieved 2010-11-12. 
  48. ^ Chris Giles, Alan Beattie and Christian Oliver in Seoul (November 12, 2010). "G20 fails to reach deal on imbalances". The Financial Times. Archived from the original on November 13, 2010. Retrieved 2010-11-12. 
  49. ^ Phillip Inman and Patrick Wintour in Seoul (November 12, 2010). "G20 pledge to avoid currency war gets lukewarm reception". London: The Guardian. Archived from the original on November 15, 2010. Retrieved 2010-11-13. 
  50. ^ Evan ramstad (November 19, 2010). "U.S. Gets Rebuffed At Divided Summit". The Wall Street Journal. Retrieved 2010-11-13. 
  51. ^ Mohamed A. El-Erian (November 17, 2010). "Three Reasons Global Talks Hit Dead End: Mohamed A. El-Erian". Bloomberg L.P. Retrieved 2010-11-19. 
  52. ^ Evan ramstad (November 17, 2010). "G-20's Host Pushes Seoul Consensus". The Wall Street Journal. Archived from the original on November 15, 2010. Retrieved 2010-11-13. 
  53. ^ By Christian Oliver, Chris Giles and Alan Beattie in Seoul (November 12, 2010). "Forget summit failures, look at G20 record". The Financial Times. Retrieved 2010-11-17. 

External links[edit]