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* Date : 2017-07-04

Foreign Correspondents Ep.41
Meeting of the world leaders! The G20 Summit

The G20 Summit will be held on July 7th and 8th in Hamburg, Germany, where the leaders of the world's top 20 nations will discuss economic issues. Germany, the chair nation of the G20 Summit in 2017, set their priority on improving resilience, substainability improvement, and assuming responsibility. The G20 Summit will be a meaningful event that will stage the debut of President Moon Jae-in's multilateral diplomacy. In this summit, President Moon is expected to introduce the key policies of the new government and express his will to support free trade. He will also hold bilateral meetings with leaders from China, Japan, Germany, France and India. With the continuing uncertainty of the world economy, the need for cooperation among nations is more important than ever, as the world draws their attention to the G20 Summit.

Background and role of G20

The G20 Summit aims to grow a stable and sustainable world economy for all. The beginning dates back to 1975. Following the first oil crisis, the United States, Britain, France, Germany and Japan gathered for economic cooperation, followed by Italy and Canada, as the G7 was formed. In 1999, the G20 was born, with 12 major emerging countries and the European Union. What was once originally the meeting of the finance ministers and central bank governors, the G20 developed into a 'summit' in 2008, when discussing ways to overcome the financial crisis in the United States that shook the world. Since the first summit in Washington, D.C. in 2008, the G20 has been discussing "strengthening the global economy" and for "wider economic reform". In this week's , we will discuss, in depth, the role and significance of the G20.

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