South Korea has hosted the G20 economic summit in November 2010 lead by the G20 Summit Committees, one of them being Dr. Sakong il, who was crucial in playing the part of the Summit’s success. Sakong VIP, chairman of the Korea International Trade Association responsible for the G20 Summit Committee, said: “The summit leaders unanimously agreed to hold the next conference in Korea in November because of the long time span of one year between meetings this and next year, the interim meeting will be held in Canada on the sidelines of the expanded G-8 Summit in June. “
The G20 summit represents 85% of the world’s gross domestic product and 80% of global trade volume. The meeting of prominent economic leaders to discuss the global economic problems in Korea brings tremendous significance. “Hosting meetings means Korea is taking a leading role in solving global problems,” Sakong said. Leaders of the Group of 20 industrialized nations have reportedly agreed to rocket the G20 Summit from 2011 and the session in Korea is where it will begin. The G20 framework replaces the Group of Eight, which only covers developed countries such as Britain, Canada, France, Germany, Italy, Japan, Russia and the United States.
The November meeting was the first institutionalized since the agreement to peak the summit. The main agenda of the G20 summit so far is the post-crisis global economic stimulus. However, the November G20 meeting was also the first to address future and long-term issues. An official statement from the government said that world leaders will discuss how to maximize the potential for world economic growth and build a green growth model in response to climate change.