JOHANNESBURG — President Lee Jae Myung on Saturday urged the Group of 20 (G20) nations to work to revitalize the World Commerce Group (WTO) to boost international development potential, saying the world should set up a predictable buying and selling and funding setting.
Lee made the decision through the first session of the G20 summit, because the multilateral buying and selling system is going through turmoil.
“We should set up a predictable buying and selling and funding setting to boost development potential,” he mentioned. “The revitalization of the World Commerce Group serves the pursuits of all nations.”
Lee pledged lively cooperation with the WTO Ministerial Convention to be hosted in Africa subsequent 12 months, saying Korea will work to make sure the adoption of the Funding Facilitation for Growth (IFD) Settlement into the WTO’s authorized framework on the upcoming assembly. Cameron hosts the subsequent assembly in March.
The IFD goals to make funding processes simpler, extra clear and extra environment friendly, notably for creating international locations.
Through the session, Lee additionally proposed options to ease extreme debt burdens on creating international locations, which he mentioned constrain their means to put money into development and the momentum for sustainable growth.
“To advance towards the longer term, we should strategically allocate sources towards sectors with the best development potential, thereby making a virtuous cycle that generates wealth and reduces our debt burden on the similar time,” he mentioned.
For example, he highlighted Korea’s elevated funding in future development sectors, together with synthetic intelligence (AI), and launched a fiscal coverage that expands spending in high-performing sectors with the long-term purpose of decreasing the nation’s debt ratio.
Lee additionally confused the necessity for stronger worldwide cooperation to enhance the effectiveness of growth initiatives in creating nations.
Noting Korea’s participation within the reform highway map for Multilateral Growth Banks (MDBs), he vowed continued efforts to enhance the construction of the establishments that finance growth initiatives in creating international locations.
He described the primary G20 summit held in Africa as “extremely significant,” voicing help for the African Cooperation Framework, a multilateral coverage initiative geared toward selling the sustainable growth of African nations.
