Johannesburg: President Lee Jae Myung has urged the Group of 20 (G20) nations to work to revitalize the World Trade Organization (WTO) to enhance global growth potential, saying the world must establish a predictable trading and investment environment.
Lee made the call during the first session of the G20 summit, as the multilateral trading system is facing turmoil, reports Yonhap news agency.
“We must establish a predictable trading and investment environment to enhance growth potential,” he said. “The revitalisation of the World Trade Organization serves the interests of all nations.”
Lee pledged active cooperation with the WTO Ministerial Conference to be hosted in Africa next year, saying South Korea will work to ensure the adoption of the Investment Facilitation for Development (IFD) Agreement into the WTO’s legal framework at the upcoming meeting. Cameron hosts the next meeting in March.
The IFD aims to make investment processes easier, more transparent and more efficient, particularly for developing countries.
During the session, Lee also proposed solutions to ease excessive debt burdens on developing countries, which he said constrain their ability to invest in growth and the momentum for sustainable development.
“To advance toward the future, we must strategically allocate resources toward sectors with the greatest growth potential, thereby creating a virtuous cycle that generates wealth and reduces our debt burden at the same time,” he said.
As an example, he highlighted South Korea’s increased investment in future growth sectors, including artificial intelligence (AI), and introduced a fiscal policy that expands spending in high-performing sectors with the long-term goal of lowering the nation’s debt ratio.
Lee also stressed the need for stronger international cooperation to improve the effectiveness of development projects in developing nations.
Noting South Korea’s participation in the reform road map for Multilateral Development Banks (MDBs), he vowed continued efforts to improve the structure of the institutions that finance development projects in developing countries.
He described the first G20 summit held in Africa as “highly meaningful,” voicing support for the African Cooperation Framework, a multilateral policy initiative aimed at promoting the sustainable development of African nations.
In the second session held under the theme of “A Resilient World,” Lee called for international efforts to tackle the climate and food crises, and improve disaster risk management.
South Korea recently announced a target to reduce its greenhouse gas emissions by 53-61 percent from the 2018 levels by 2035, updating the nationally determined contribution (NDC) target for the next decade.
Lee highlighted his government’s projects to expand renewable energy, including solar and wind power, to address climate change and foster growth in the green industry.
He also emphasised the need to shift disaster-risk management toward prevention and resilience, and urged investments in building resilient infrastructure systems while pursuing the energy transition.
(IANS)
