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The following article was published in our article directory on November 11, 2010.
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Seoul G20 Summit Focus on Three Major Issues

Article Category: Business

Author Name: Amanda xzh

In Toronto, the Group of Twenty summit, the leaders of the world's major economies agreed to reduce the development gap between development and poverty eradication, the establishment of the Working Group, which aims to non-members with representatives of member states and a wide range of communication and in-depth study, it was agreed a common set of "principles and on the development of the project can be put into action," and the summit in Seoul through a multi-year program of action.

Summit of the Group of Twenty Seoul Development Agenda to be adopted by the whole world that people, especially people in the developing countries to address development issues on the urgent desire, but to realize the development of problem solving, the Group of Twenty need in the following few has made efforts to:

First, economic growth is the core of development. While economic growth may not be the whole of development, but it is a necessary condition for development. The world's major economies, an important task is to restore the momentum of economic growth, solid economic foundation for growth. Should strive to achieve the Group of Twenty previous summit on the economic recovery reached by free trade and financial system reform commitments. Major economies should continue to ensure economic recovery policy coordination, and speed up internal economic restructuring. In trade and investment, the Group of Twenty Member States should strive to eliminate the interference of protectionism, encourage long-term direct investment in developing countries, vigorously push forward the Doha Round of trade negotiations.

Secondly, the Group of Twenty should be encouraged to promote the development of ways and forms of diversification. On the one hand, members of the Group of Twenty by the World Bank, the International Monetary Fund and regional development banks, the implementation of existing multilateral international mechanisms of collective action; the other hand, the Group of Twenty in the foreseeable future will remain The guide features forums and topics, the International Monetary Fund and other existing international economic organizations in the global economy will continue to play a key role in governance. But the International Monetary Fund and the World Bank, the existing international mechanisms need to be further reformed to better reflect the needs of developing countries and changes in world economic map. Gyeongju in South Korea, held under the Group of Twenty Finance Ministers and Central Bank Governors Meeting of the statement, the EU committed to its implementation of the International Monetary Fund board of directors have 9 seats in the "let out" two seats for emerging markets countries, and in 2012, including prior to the share of emerging economies, including 6% lower than the national share of the transfer. But the U.S. still has more than 17% share, its voting rights to 16.74% correspondingly, while the EU as a whole has about 25% of the share. Needs of decision-making by 85% of the voting rights, so neither the U.S. nor the EU still has a de facto veto power. Therefore, the IMF and World Bank reform is far from being in place, the need to continue forward. In addition, respect for universal common standards agreed under the premise of the Group of Twenty Member States should have the right to choose to act independently, developed countries should not impose their rules unilaterally developing countries. In official development assistance, trade, direct investment, technology transfer, and government bonds and stabilize the prices of natural resources, measures are also effective means of promoting development.

Third, the long-term growth agenda should increasingly become the Group of Twenty core of policy coordination. The focus is to teach in developing countries experience economic growth, developing countries themselves through these means to address poverty, that is, "teach him to fish." South-South cooperation and exchange of experience should be placed in an important position. Also, financial assistance should focus on long-term economic development of developing countries to protect the infrastructure, education, vocational technical and skills training and other fields.

Finally, the Group of Twenty issues in the development should be strengthened with the United Nations and other international and regional organizations, communication and consultation with United Nations issues in the development of rich work experience and professional knowledge. At the same time, should increase the Group of Twenty-related mechanism to protect the interests of the stake the developing countries and international organizations in development decision-making and participation in the implementation process to keep up with their mechanisms of communication and coordination, and expand the discussion of issues inclusive and transparent.

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