During the two-day presidential stay in St. Petersburg from November 1 to 2, the President held a summit with Russian President Dmitry Medvedev and agreed to strengthen the cooperation between the two countries in the realms of international affairs, security, and economy.

After Russia, the President flew to Cannes, France on November 2, to take part in the sixth G20 summit and discuss policy coordination for the recovery and growth of the global economy with world leaders as well as global governance. Throughout the meeting, the President called for increased development aid and free trade aimed at tiding over the current economic crisis. On the sidelines of the summit, the President also held tête-à-têtes with EU, UN, and Turkish leaders.

Korea-Russia agree to push gas pipeline project

The President and his Russian counterpart Dmitriy Medvedev held a summit on November 2 at the Grand Hotel Europe in St. Petersburg and agreed to closely cooperate on the PNG project to build gas pipelines connecting Russia to South Korea through North Korea. President Medvedev was reported to have shown enthusiasm for the project, and pledged to take the full responsibility for the risk management associated with the pipe construction in North Korea.

Both parties evaluated the elevation of bilateral cooperation in the fields of energy, shipbuilding, automobiles, and construction, and concurred with further deepening the partnership based on the two countries’ geographical proximity and mutually supplementing economic structures.

The two leaders also exchanged ideas on the situation on the Korean Peninsula including denuclearization of North Korea for peace and security in the region and agreed to join hands to resume the six-party nuclear disarmament talks.

The two leaders then attended the closing ceremony of the second annual Korea-Russia Dialogue (KRD) forum, a private channel started in 2010 to fully support the development of the Korea-Russia strategic cooperative partnership. They also pledged to work for the success of the 2012 Seoul Nuclear Security Summit and the APEC Leaders’ Summit in Vladivostok.

President Lee made proposals to overcome the global economic crisis at G20 Cannes summit

Moving on to France to attend the G20 Cannes summit, the President made three proposals focused on tackling the eurozone debt crisis and surmounting the possible global economic crisis through government restructuring, reinforcement of free trade, and increasing development assistance.

The President claimed that nations suffering under the debt crisis should conduct “bone-carving” restructuring and self-rescue efforts before relying on international assistance, referring to Korea’s example of leading the recovery from the 2008 financial crisis through enacting thorough restrictions and promoting free trade. The Korean president put an emphasis on producing a virtuous circle through increasing trade liberalization and fighting protectionism.

The President underlined the importance of enhanced corporate social responsibility in overcoming the current economic crisis in a keynote address at the B20 Business Summit, preceding the G20 summit.

The President also urged a greater role for developed nations in narrowing the development gap and combating poverty, an objective integral to achieving strong, sustainable, and balanced growth, which ultimately ensures the momentum of development and a more resilient global economy for all. The inclusion of development issues into the mainstream of the G20 agenda was taken up by the Korean presidency in 2010, gaining overwhelming support from the developing world. Korea volunteered to act as a bridge between the advanced, emerging, and developing worlds in the adoption of the "Seoul Development Consensus for Shared Growth."

Microsoft co-founder Bill Gates, who was entrusted to report on developmental finance to the G20 leaders on November 3, praised Korea’s official development aid, while also pointing out its transformation from aid recipient to donor to be an exemplary role model.

As one of the Troika representing the most recent, the present, and the next chairs of the G-20 summit, the President had an active role in drawing a consensus on an array of agenda issues including development aid and free trade.

Seoul and Ankara resume negotiations on Turkey’s nuclear power plant project

On November 4, the President took up an offer from Turkish Prime Minister Recep Tayyip Erdoğan for summit talks on the sidelines of the G20 summit. At the summit, the Turkish prime minister asked for Korea’s participation in a nuclear power plant construction project, and the President suggested holding substantive negotiations in reply.

Both leaders agreed to conclude the ongoing negotiations of the Korea-Turkey free trade agreement within the current year and expand the scope of cooperation to defense as well.

Prime Minister Erdogan was reported to have extended an invitation to the President for a state visit next year -- marking the 55th anniversary of bilateral diplomatic relations -- which President Lee cordially accepted.

The President also expressed his sincere condolences to the earthquake victims and the Turkish people. The President vowed to provide more aid to quake-stricken Turkey and assist relief efforts with an additional 100 million dollars of support. Korea had previously aided Turkey’s rescue efforts by sending relief supplies including winter tents.

By Hwang Dana
Korea.net Staff Writer