T

he G20 summit comprising the 20 main developed and emerging states is to be held in Korea in November. The states decided on Korea as the next venue at the meeting of the G20 summit that was held in Pittsburg, the United States on Sept. 25.

The first G20 finance ministers meeting was held in 1999 and was upgraded to summit talks immediately after the financial crisis broke out in the United States in November 2008. Then, after three meetings were held irregularly, it was decided to hold the first meeting in Korea, as the talks became more regular. This implies a change in the global order and has a significant meaning for Korea.

First of all, it means that Korea is at the center of the change in global order. Having led the global order so far, the G8 showed its limitations through the financial crisis breaking out in Asia and the United States at the end of the 1990s. The new G20 system substituting it is to be inaugurated in Korea. Significant as the G20 finance ministers meeting was caused by the financial crisis in Asia in 1997 and was upgraded to summit talks due to the financial crisis in the United States in 2008.

Thus, the three meetings were irregular after being upgraded to summit talks. They can be defined as meetings to overcome crises. As the G20 summit talks become more regular, the main agenda will be global issues beyond just overcoming financial crises. The center for leading the change in global order moves from the G8 to the G20.

Expected to overcome the financial crisis and to deal with issues such as the environment, the global income gap, the reorganization of new global financial order, the G20 summit talks will be reborn as a system that is able to pursue the mutual interests of the developed states and emerging states, rather than the reorganization of order centered around the developed states. Korea is in the middle of such change.

As the developed states and emerging states are jointly leading the change in the global order, Korea plays the role of a connecting ring between these two powers. Holding the first regular meeting in Korea is largely for this reason. Korea is noted for being the state that first overcame the financial crisis from the United States. After effectively overcoming the so-called IMF financial crisis in 1997, Korea showed its potential economic power to the world, thereby making all counties in the world pay Korea further respect.

The next point is that Korea stands at the center of cooperation in Northeast Asia. The Korea-China-Japan summit was held in Beijing, China immediately after G20 summit ended in September. Starting as an extra event for the "ASEAN +3" summit talks in 1999, the three-state summit has continued for 10 years.

It was changed into a summit and, given the opportunity of these talks, led to cooperation in East Asia. Especially the three-state summit held immediately after the G20 meeting to lead the global order, as the global financial crisis had aroused much interest internationally, because it was the meeting of states occupying one sixth of global trade.

This three-state summit adopted two joint statements, namely the "Joint statement in commemoration of the 10th anniversary of the summit talks among Korea, China and Japan" that mainly manages the politic and military aspects and the "Joint statement for sustainable development" that manages the economic aspects. Above all, it is remarkable that the three Northeast Asian states are beginning to lead the change, standing at the central axis of global change.

The single polarity system of the United States that has continued since the Cold War was seriously challenged after the US financial crisis. In these circumstances, the European circle around the European Union is further intensified and the American circle also forms a large bloc. Since only East Asia failed to create large bloc, it was inevitably supposed to be passively led by the trend of global change.

Then, these talks must be regarded as the base on which the three Northeast Asian states can lead the economic community in East Asia, or the economic bloc. Further, Korea, China and Japan as the Asian states in the G20 are in a position to lead the change in global order.

As the global order is changing rapidly the importance of Northeast Asia is further emphasized. Korea is at the center of the cooperation among Korea, China and Japan.

It is the first time since the dawn of history that Korea has held the G20 summit where the states leading the global order muster in one place. Korea is seen as leading the change in global order, which means there are increasing important tasks to be done by Korea in the future.

President Lee Myung-bak was noted as he emphasized the necessity to innovate the IMF and the World Bank in the G20 summit held in September. He raised the issue for the main agenda. Further, he stressed the necessity of change in the global order and the cooperation of the states in many summit talks.

Efforts are required to support the detailed enforceable issues on the basis of such emphasis. Korea is actually to become a developed state, which is not attained merely by earning high income, however. It requires being reborn as a state that is globally respected, that can help other states in difficulty and that completely fulfills its responsibility for global peace. Such an opportunity is coming before Korea.