Asia-Pacific Perspectives on the G20 Agenda

On 25-26 October 2010, ESCAP organized a high-level consultation on the agenda of the G20 Seoul Summit, in response to the request to facilitate discussion of non-G20 perspectives, made by this year’s G20 chair, the Republic of Korea during ESCAP’s 66th Commission session in May 2010. At the consultation, representatives of 26 ESCAP member countries discussed key issues related to growth and recovery, narrowing development gaps, financial stability and reforms in global governance. It was co-chaired by the central bank governors of Nepal and Bhutan and the economic advisor to the Prime Minister of Mongolia. One of the key messages of the consultation was that the achievement of the MDGs and narrowing of development gaps have a central place in achieving strong, sustainable and balanced growth in the post-crisis world. Concerns were also raised about easy monetary policy in the advanced economies leading to massive short-term capital flows and commodity prices volatility. Welcoming the Republic of Korea’s initiative, delegates also underlined the importance of regular consultation through the United Nations and its regional commissions, so as to allow all States, especially smaller States, which comprise the majority of the UN membership, to have opportunity to raise issues of concern to them. The following are the excerpts from the chairpersons’ summary adopted at the end of the high-level consultation.