Last October 23rd, 2010, the G20 Finance Ministers and Central Bank Governors opened the urgency Financial Markets and The World Economy meeting before the Seoul Summit in November 11 and 12 , 2010 which the twenty world leaders will discuss the state of the global economy as it emerges from the financial crisis. Together, they will take the necessary steps to reduce market volatility and recover the global economic crisis, and creating sustainable growth going forward. The G20 leaders agreed that, going forward, the G20 would be the premier forum for international economic cooperation, ushering in a new system of global economic governance. In Seoul this November, the leaders will take that mandate forward, paving the way for future sustainable and balanced growth. The G20 Summit will be the fifth G-20 summit which the fourth G20 Summit was hosted in Toronto, Canada on June 26 to June 27, 2010.
The following lists shows that who the leaders, who the finance ministers, and who the G 20 Members are as the follow (Click the image to see bigger view):
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Click to see more detail. (1)
The top priority of the agenda for the Seoul Summit will be delivering on previous G20 commitments. However, Korea, as the G20 president for 2010, will also bring new perspectives and new issues to the G20, with a view toward addressing the needs of the emerging and developing world as part of the effort to support sustainable growth globally. Toward that end, Korea will introduce plans for a global financial safety net system and development issues as additional agenda items. (4)
1. Ensuring Ongoing Global
Economic Recovery
2. Framework for Strong, Sustainable, and Balanced Growth
3. Strengthening the International Financial regulatory System
4. Modernizing the International Financial Institutions. (5)
World Bank Group President
, Robert B. Zoellick
stated that Korea’s history qualifies it for a leadership role in this changing global economy.
Korea is one of the world’s great development success stories successfully
advancing from a receiver of development assistance to a provider. Korea is
ensuring that the voices of those outside the G20 are heard. Nothing less is
needed if the world is to achieve inclusive, sustainable and balanced growth.
To that end, the World Bank Group stands fully behind Korea as it negotiates
the path ahead for the G20.
OECD Secretary-General, Angel Gurría emphasized that working together is the most important which will follow the challenges we face successfully when we work together. The OECD has a responsibility to offer its expertise and knowledge in support of the G20 process. The OECD and South Korea are already doing this with substantive contributions on core issues such as tax evasion, open investment markets, employment, environment, fighting corruption and promoting development that will help countries build a stronger, cleaner and fairer world economy. OECD Secretary-General, Angel Gurría wishes Korea a very successful G20 Presidency and Summit. The OECD looks forward to continue supporting you in every way possible. ,
FSB Chief, Mario Draghi is confident The Seoul Korea and the FSB will be able put in place for the Fifth G-20 which will be much stronger and more resilient financial system for the future although 2010 and 2011 will be critical years for the most important pieces of global financial regulatory reform. They will largely determine whether we meet the reform objectives of creating a financial system that is more resilient and less prone to a crisis. The role of the G20 will be vital to address these remaining challenges. The world is grateful to the Korean people for hosting the Summit and many other preparatory meetings. (2)
Meanwhile the G - 20 Summit is closer to the November 11 - 12, 2010, U.S. President Obama and ROK President Lee Myong Pak planning to discuss further about the U.S and Korea Free Trade issues that President Obama has promised earlier in June, 2010 although United States Trade Representative Ron Kirk and Korean Trade Minister Kim Jong-hoon have concluded their meeting to discuss the U.S.-Korea trade agreement in San Francisco. They have agreed to meet again in the leadup to the G-20 Leaders' Meeting at a time and venue to be determined as of October 27, 2010.
"Korea is a crucial ally of the United States and an important trading partner," Ambassador Kirk said.
"The U.S.-Korea Free Trade Agreement has the potential to bring significant economic and strategic benefits to both countries, while demonstrating the U.S. commitment to expanding our economic engagement and leadership in Asia. "I brought Minister Kim up to date on our review of the FTA and how we plan to consult with Congress and stakeholders regarding their concerns. I look forward to working closely with the Minister to address such concerns, while also taking into account Korea's interests, so that we can best determine how to move this important Agreement forward," said Ambassador Kirk.
"Both Korea and the United States also have a tremendous stake in an open international trading system, and I look forward to continued close cooperation between Korea and the United States in working to achieve progress in the Doha negotiations," Ambassador Kirk concluded.
Korea is the United States' seventh-largest trading partner, with two-way trade in goods reaching $83 billion in 2008. The U.S.-Korea Free Trade Agreement is the most commercially significant FTA the United States has negotiated in 16 years. The International Trade Commission estimates that implementation of the FTA would increase annual U.S. goods exports to Korea by $10-11 billion and increase U.S. GDP by $10-12 billion annually. However, concerns remain with the Agreement, particularly with respect to autos and the need for further progress on reopening Korea's market to U.S. beef. The Administration is undertaking a thorough review of the FTA and will be consulting extensively with Congress and other stakeholders to understand fully the exact nature of those concerns and how they can be addressed, so that the Agreement can be submitted for Congressional approval.
The United States has free trade agreements (FTAs) in effect with 17 countries: Australia, Bahrain, Canada, Chile, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Israel, Jordan, Mexico, Morocco, Nicaragua, Oman, and Peru.
These FTAs build on the foundation of the WTO Agreement, with more comprehensive and stronger disciplines than the WTO Agreement. Many of U.S FTAs are bilateral agreements between two governments. But some, like the North American Free Trade Agreement and the Dominican Republic-Central America-United States Free Trade Agreement, are multilateral agreements among several parties.
Currently, The United States has signed free trade agreements with Colombia, Korea, and Panama, but Congress must enact legislation to approve and implement each individual agreement in order for them to go into effect. The United States is also in renegotiations of a regional, Asia-Pacific trade agreement, known as the Trans-Pacific Partnership (TPP) Agreement with the objective of shaping a high-standard, broad-based regional pact. (3)
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Speaking of the FTA, the U.S.-Korea business Council reported that 345,000 jobs will loose if the FTA U.S-Korea is not implemented while Korea's other trading partners do. It is potential possible that 250,000 Jobs would create when the FTA U.S. -Korea is implemented which will boosting U.S. exports by more than $10 billion and increasing the U.S. share of exports to Asia by 1 percent. Korea is the 15th largest economy in the world which is America's 7th largest trading partner and 8th largest export market. For every $1 billion in exports, 6,250 manufacturing jobs are created or supported, according to U.S. Department of Commerce Secretary Gary Locke. President Obama has stated that increasing the U.S. share of exports to Asia by 1 percent would create 250,000 well-paying jobs in the United States. According to the U.S. International Trade Commission, the U.S.-Korea FTA would boost U.S. exports by more than $10 billion, raising U.S. exports to Asia in 2009 by 4 percent and easily increasing the U.S. share of exports to Asia by more than 1 percent. Trade and investment between the United States and Korea support tens of thousands of American jobs across the agricultural, manufacturing, and services sectors. By increasing U.S. exports and drawing new investment into the United States, the agreement would help expand American jobs across every sector of the economy. Korea is a huge market for U.S. small and medium-sized enterprises, which made up 89 percent of U.S. businesses exporting to Korea in 2007 and accounted for $18 billion in U.S. exports to Korea that year. See below for 2005 to 2009 U.S. Exports to Korea in Billions of Dollars:
U.S.- Korea Free Trade Agreement will be able to create new opportunities for U.S. businesses by leveling the playing field for U.S. Workers, manufacturers, and farmers in the Korean Market. U.S. exports to Korea currently face an average tariff of 12.2 percent (49 percent for agricultural products and 6.6 percent for nonagricultural products), which is far higher than the United States imposes, as well as a wide range of nontariff barriers. This agreement will be able to remove significant market access barriers in Korea to U.S. goods, services, and investment. It includes strong provisions on transparency, intellectual property rights, competition, and other rules, particularly in the services sector, that would make U.S. businesses competitive in Korea. This agreement also will give U.S. exporters and investors a competitive edge in one of Asia's most powerful markets- enhancing the capability of American workers to compete in Asia's dynamic regional economy. This agreement will give strengthen the stronger partnership which the Korea is a close U.S. ally and a strong partner in advancing global security and in fighting economic isolationism. Also this will give strategic partnership by deepening the links between two countries as U.S and Korea as working together to promote shared goals and values around the world. You may visit www.uskoreafta.org to see more detail info, this site shows the all of the U.S. -Korea FTA benefits that you may want to see. As you can know. U.S.-Korea FTA agreement will give both countries to fast and rapid global economic crisis recovery. Sooner U.S.-Korea agreement for FTA better they can get like the packages are already there.....many citizens and many respectful people are making this a great deal of requesting to hurry and action as soon as possible. -------------------------------------------------------------------------------------------------- Latest Upate for U.S.- Korea FTA Infomation:
Speaking of the strengthening the global security, South Korea: North Korea opens fire at border on October 29th, 2010. According to the U.S. - Korea Business Council report, the official said, he asked not to be identified because he was not authorized to speak to the media. See more detail in below:
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