G20 summit: Opportunity for cooperation and dialogue

The leaders of the G20 developed and emerging economies will enhance economic cooperation and dialogue to resolve differences on international issues.

The Group of Twenty (G20) accounts for a colossal 85% of the global GDP and its trade accounts for more than 80% of global total. 

The host, China, said the theme of the 2016 G20 summit was to strive for a dynamic, connected, and creative global economy.

China expects that participating countries will discuss major challenges in the global economy and create platform for cooperation to shift the G20 from a mechanism for crisis response to one of long-term governance guiding global economic growth.

In order to achieve these goals, the summit will focus on innovative growth models, more effective global financial management, closer international trade and investment cooperation, and diverse forms of interaction.

Chinese Foreign Minister Wang Yi said during the summit China would host a high-level business conference-the biggest ever in G20’s history-and many discussions on economic policy relating to petroleum prices.

Japanese Prime Minister Shinzo Abe said the coming G20 summit would play an important role in the sustainable development of the global economy. 

The White House said that US President Barack Obama would attend the G20 summit, where he would emphasize the need to continue building on the progress made since 2009 in advancing strong, sustainable, and balanced global economic growth. 

He will underscore the importance of G20 cooperation in promoting a level playing field and broad-based economic opportunity.

Besides economic cooperation, the G20 summit will be a venue for countries to talk to resolve differences on international issues, primarily the East Sea issue. 

US Deputy National Security Advisor Ben Rhodes said US President Barack Obama would hold talks with Chinese President Xi Jinping on differences between the two countries, particularly on tensions in the East Sea.

Indonesian President Joko Widodo, the only state leader from Southeast Asia attending the G20 summit, will deliver a speech on the East Sea.

Jakarta and Beijing’s relations have been tense since early this year when Chinese fishing boats traveled near Indonesia’s Natuna Island in the East Sea.

Territorial disputes have cast a shadow over China and Japan’s relations. But prior to the G20 summit, Japanese Prime Minister Shinzo Abe said Japan was ready to enhance mutual trust and engage in dialogue to narrow their differences and improve bilateral ties in the future.