1. The G20 Extraordinary Sherpa Meeting was held in a virtual format at 20:00-23:30, July 24 (Korea Standard Time), to prepare for this year’s G20 Summit (November 21-22, the Kingdom of Saudi Arabia). Ambassador for International Economic Affairs Choi Kyong-lim (G20 Sherpa) attended the meeting as the representative of the Republic of Korea.

2. In the Sherpa Meeting, participants took stock of the G20’s response to COVID-19 since the last Extraordinary G20 Leaders’ Summit held virtually on March 26, and discussed ways to restore the global economy. They also exchanged views on key elements of the G20 Leaders’ Declaration to be announced at the Summit in November.

o The chair commended the member states for pledging a total of 21 billion U.S. dollars to support funding in global health and implementing economic stimulus plans worth a total of 10 trillion U.S. dollars to help the world economy recover.

o Most of the member countries stressed the importance of continuing policy coordination among the G20 countries for the global economic recovery; maintaining supply chains through international trade and reforming the World Trade Organization (WTO); implementing the agreement on debt service suspension for low-income countries; and ensuring the equitable distribution of vaccines.

o In particular, while predicting a 4.9 percent decline in the global economy for 2020, the International Monetary Fund (IMF) said that the world economy would have been worse without the G20 members’ active fiscal policies and policy coordination.

3. Ambassador Choi Kyong-lim, who represented the ROK at the meeting, emphasized the importance of making the transition to a sustainable green economy and accelerating the digital economy in the course of the global economic recovery.

o In addition, Ambassador Choi mentioned that the G20 countries need to draw up concrete measures to facilitate global trade and maintain global supply chains, including allowing essential business travel.

o He also urged the G20 to discuss the ROK’s proposal for evaluating the economic value of women’s household care work and having it reflected in economic policies amid the increased care work burden on women due to COVID-19.

4. Based on the results of this Sherpa Meeting, G20 Sherpas will have two more regular meetings through which they will prepare for the Summit in November and continue to review the COVID-19 situation and the world economic situation.