With only 50 days left until the G20 Seoul Summit, preparation for the international gathering is ongoing here in Korea.
If the first half of this year was a period for the country to develop major agenda items for the meeting, the latter half is being focused more on working closely with member nations to listen and narrow differing opinions on key items.
The major agenda for the November summit can be largely divided into two parts.
The first part is comprised of the follow-up agenda that has been inherited from previous summits to strengthen the global financial system and avoid any possible financial crisis in the future.
This includes IMF and financial regulatory reforms and, most importantly, the "Framework for Strong, Sustainable and Balanced Growth."
[Interview : Rhee Chang-yong, Secretary General
Presidential Committee for G20 Summit] "The Framework is a macro-economic coordination mechanism for the G20 countries, and it deals with bringing together macro-economic policies of individual countries under the assumption that coordinating our policies can produce a better, more ambitious outcome for the global economy."
The second part deals with two agenda items that have been put forth by Korea as the chair of the Seoul Summit; development and global financial safety nets.
Development has become an important issue not only for emerging markets but also for advanced countries.
This is because future growth in the world economy will be highly dependent on new sources of demand coming from developing nations.
Korea plans to differentiate its approach from international organizations by sharing its past experience of achieving rapid progress in its social and economic conditions.
[Interview : Lim Won-hyuk, Director
Korea Development Institute] "In order to really make a dent in poverty, you have to have self-sustaining growth in developing countries. So instead of just emphasizing basic human needs like health and so on, Korea will try to emphasize issues like infrastructure, trade, and human resource development."
And Seoul's push for a global financial safety net comes in line with the global effort to protect individual countries and regional blocs from liquidity shocks caused by a sudden withdrawal of investment capital.
[Reporter : Eoh Jin-joo
email@example.com] "As the first non-Group of Eight member country to host the G20 Summit, Korea is accelerating its efforts to draw meaningful and tangible conclusions from the meeting that will be held here, at this convention center, in November. The importance of achieving significant outcomes at the Seoul Summit will be crucial in order to maintain the reputation and credibility of the forum.
Eoh Jin-joo, Arirang News."