Noy optimistic about Asean's participation in G20 Summit

HANOI, Vietnam – President Aquino is hopeful that the Association of Southeast Asian Nations (ASEAN) – of which he participated for the first time as chief executive last week here – in the G20 Summit will be institutionalized.

In a statement he delivered at the 13th ASEAN +3 Summit here, he noted South Korea’s support for the ASEAN chair’s participation in the upcoming G20 Summit in Seoul. South Korea is this year’s summit chair.

“Our march towards a more equitably progressive region should not be stymied. It remains our collective goal to enhance the resilience of the regional economy against international volatility and external shocks,” he said. 

Mr. Aquino said that this month’s Summit in Seoul is an opportunity for ASEAN to raise issues of common interest. He added that accelerating reforms in international financial institutions to ensure inclusiveness and equitability are among the Philippines’ concerns.

“As we in the global south cooperate among ourselves, there remains a need to establish a framework for sustainable growth and development through closer coordination between G20 countries and non-G20 countries,” the President said.

The G20 was established in 1999, in the wake of the 1997 Asian Financial Crisis, to bring together major advanced and emerging economies to stabilize the global financial market.

Since its inception, the G20 has held annual Finance Ministers and Central Bank Governors’ Meetings and discussed measures to promote the financial stability of the world and to achieve a sustainable economic growth and development.

The G20 is made up of the finance ministers and central bank governors of 19 countries, namely, Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom and the United States of America.

The European Union, represented by the rotating council presidency and the European Central Bank, is the 20th member of G20.