South Korea in G20 summit presents Seoul Consensus

South Korea in G20 summit presents Seoul Consensus

South Korea the host of the G20 summit used the biggest diplomatic event of its history to push other leaders for reshaping the economic relationship between the developed and emerging countries.

In general the approach of the host nation was approved by the G20 leaders which were named the Seoul Development Consensus. It is dissimilar to the Washington Consensus which came out in 1989 and had its focus on the financial discipline, trade liberalization and privatization. South Korea's vision is something that has a greater role for the policy of the government particularly in infrastructure spending.

The leaders of the globe's twenty richest nations approved a statement that said that poor countries should be engaged as equal partners by rich countries and let the developing countries decide on the course.

The G20 Leaders further stated in their message that they believe that there can't be any hard a fast rule or formula for the success of development and the developing countries should lead for designing their own strategies and implementing them according to their requirements and circumstances.

They also came to agreement that the duties and tariffs of the poor countries that export goods to them should be exempted but they have not yet committed anything regarding the matter.

The leaders signed off one action plan meant for several years under which infrastructure, jobs, investment and food security for poor countries are in focus. They have created a panel taking representatives of twelve nations that will work for the coming year on investment on infrastructure.

The steps taken indicate that there are diversified viewpoints present in the G20 summit and that is why they have taken over the responsibility of the premier forum from the Group of Eight and would discuss on world economic matters.


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