1. At the G20 Pittsburgh Summit, world leaders decided to hold the G20 summit in the 
Republic of  Korea in November 2010.

ㅇ Canada will host the G8/G20 summit in June 2010 and Korea will hold the G20 summit in 
November 2010.

※ The Washington summit, held on November 15, 2008 and the London Summit, held on 
April 2, 2009 provided world leaders with opportunities to address the global financial crisis 
and reform financial regulations.

2. Korea’s role as a member of the G20 Troika and its leadership in the agenda setting 
process and the G20 communiqué are deemed to have played a positive role in the 
Pittsburgh Summit’s decision to choose Korea  as the host of the G20 summit in November 
2010.  

3. In particular, President Lee Myung-bak has received praise for his leadership in the G20 
summit meeting.

ㅇ President Lee played a crucial role in balancing the agendas of macroeconomic 
management and financial regulation and in facilitating a concrete outcome.

ㅇ President Lee’s proposals to pledge a standstill on all barriers to trade and 
investment and reach a consensus on refraining from taking protectionist measures 
have been deemed as one of the most critical outcomes of the G20 summits.

ㅇ President Lee has also played a leading role in supporting an increase in the resources 
of the IMF and the World Bank so that the international community may help developing 
and newly emerging economies to overcome the global financial crisis and contribute to 
the recovery of the global economy.

4. The G20  Summit Coordinating Committee which is comprised of a number of cabinet 
members has been established to facilitate domestic preparations and the exchange of 
opinions among the G20 member countries.

ㅇ The chairman of the committee has visited the U.S, UK, France, Germany, China, 
Japan and other G20 member countries as a special envoy of the President to meet with 
high-level government officials and exchange ideas and opinions. He has also communicated 
with them via video conferencing, telephone and email for the success of G20 summits.

ㅇ The leadership of the Ministry of Foreign Affairs and Trade and the Ministry of 
Strategy and Finance in conducting Sherpa meetings, Deputy Finance Ministers’ 
meetings and Finance Ministers’ meetings has received high praise.

5. The G20  Summit, which was initiated in November 2008, is being developed into 
an unofficial steering committee of the international community that will address global 
economic issues.  

ㅇ In stark contrast to the global depression of the 1930s, the global economy is 
showing early signs of recovery thanks to the unprecedented global economic cooperation.

ㅇ Although there have been debates over which of the G7/8, G13, G14 and G20 is most 
appropriate for global governance, there has been a growing consensus that the G20 
summit is most appropriate for global governance and that it should be institutionalized.


                  Spokesperson and Deputy Minister for Public Relations of MOFAT

* unofficial translation