Global economic situation, status of world recovery to be reviewed at G-20 Summit in Seoul, says Rao

NEW DELHI - Global economic situation, the status of the world recovery as well as the progress of implementation regarding the past G-20 Summit decisions, are some of the expected issues to be reviewed by the world leaders who will participate in the G-20 Summit that begins on Thursday in Seoul, Republic of Korea.

The leaders of the participating nations at the Summit would decide on the future mandate and direction of G-20, Foreign Secretary Nirupama Rao said here today.

As Prime Minister Dr Manmohan Singh is also going to participate in the G-20 Summit in Seoul, Republic of Korea, Nirupama Rao briefed reporters about Dr. Singh’s visit today.

She said, “Dr. Singh would interact with leaders of participating nations on a range of bilateral, regional and global issues of mutual interest.”

“Some bilateral meetings are also envisaged on the sidelines of the Summit, most probably on Nov. 11, and we will keep you informed,” said Nirupama Rao told reporters.

“The forthcoming Seoul Summit’s theme is ‘Shared Growth Beyond Crisis’. “The Leaders are expected to review the global economic situation, the status of the world recovery as well as the progress of implementation regarding the past G-20 Summit decisions,” said Nirupama Rao, adding that the leaders of the participating nations would decide on the future mandate and direction of G-20.

“Some of the areas the Leaders can be expected to address are: Global Economy and Framework for Strong, Sustainable and Balanced Growth, International Financial Institution (IFI) Reforms, Financial Regulatory Reforms, Trade and Protectionism, Climate Change, Development, which is a new issue on the G-20 agenda mandated at the last Toronto Summit,” Nirupama Rao stated.

She informed that the G-20 Summit that is being held on November 11-12, in Seoul is “an unprecedented fifth Summit for a multilateral grouping” within a span of two years, starting with the Washington Summit (Nov. 2008) through London (April 2009), Pittsburgh (Sept. 2009) and Toronto (June 2010) to the Seoul Summit later this week.

“This is indicative of the importance, dynamism and credibility of the G-20 as a grouping, which since the Pittsburgh Summit has been designated as the ‘premier forum’ for international economic cooperation. We also value the G-20 as the principal platform for North-South dialogue with our developed country interlocutors,” she added.

Stating that being the host country, the President of the Republic of Korea would preside over the G-20 Summit, Nirupama Rao said, “Leaders of G-20 member countries are expected to attend. Republic of Korea as host has also invited Leaders from Spain, Malawi (Chair of African Union), Ethiopia (Chair of NEPAD), Vietnam (Chair of ASEAN) and Singapore.”

“In addition, top officials from the United Nations, the World Bank, International Monetary Fund (IMF), World Trade Organisation (WTO), Financial Stability Board, etc. are likely to be present,” she added.

Stating that the Prime Minister Dr Manmohan Singh, who will be reaching Seoul late on November 10, will have a busy schedule over the next couple of days, Nirupama Rao said: “Prime Minister will be participating in the G-20 Seoul Summit. PM’s delegation will include Deputy Chairman Planning Commission, who is India’s ‘Sherpa’ for the G-20, the National Security Adviser and senior officials.”

Informing the reporters here about the programme schedule of the G-20 Summit, Nirupama Rao said it starts on November 11 with a Welcome Reception followed by a Working Dinner by the President of the Republic of Korea.

On November 12, the programme includes the Summit Opening Plenary Session, followed by Plenary Working Sessions in the morning and afternoon, a G-20 ‘Family Photograph’, a Leaders’ Working lunch and concludes in the afternoon with the Final Plenary Session.

The Foreign Secretary informed that the Seoul Summit has a rich and diverse agenda for discussion by leaders, and host Republic of Korea is also organising a major Business Summit as a side-event in conjunction with the G-20 Summit.

“The Seoul G-20 Business Summit (SGBS) will be held on November 10-11, 2010 at which around a 100 CEOs from G-20 member countries and beyond are expected to attend. The SGBS theme is ‘Role of Business in Sustainable and Balanced Growth’,” said Nirupama Rao.

She further informed that the Business Summit will have Round Tables on (i) Revitalising trade and foreign direct investment, (ii) Enhancing financial stability and supporting economic activity, (iii) Harmonising green growth, and (iv) Delivering on the corporate social responsibility promise.

“The outcome of the Business Summit will also be presented to the G-20 leaders,” said Nirupama Rao.

Earlier, Nirupama Rao said that the G-20 has achieved credibility for having been able to address the international financial and economic crisis or ‘the Great Recession’ of 2008 in a concerted, coordinated and effective manner.

“The G-20 came into being in 1999 following the East Asian financial crisis. It is an informal forum comprising major developed countries and leading emerging market economies representing around 90 percent of global GDP, 85 percent of the world trade and two-thirds of humanity,” said Nirupama Rao.

“It has achieved credibility for having been able to address the international financial and economic crisis or ‘the Great Recession’ of 2008 in a concerted, coordinated and effective manner,” she added. (ANI)