Good morning ladies and gentlemen, I am glad to see you all.
The G20 Summit was launched in the wake of the global financial crisis a decade ago. At the inaugural summit, the participating leaders agreed on five principles to reform financial markets and also established the principles of multilateral trade and open regionalism. Solid coordination helped rejuvenate the global economy.
Now a new task lies ahead of us. Even though the world economy is showing a positive growth trend, protectionism and trade disputes are still threatening free trade. The unwinding of expansionary monetary policies aimed at surmounting the financial crisis is leading to instabilities in global financial markets.
This is a time for the G20 member states to take on a renewed sense of responsibility. We have to once again gather insights and further strengthen our coordination to ensure sustainable growth for the world economy and the stability of financial markets.
The principle of free trade should be firmly adhered to, and joint efforts should be put forth as well for the reform of the WTO to promote fair trade. Each country should channel its energy into stabilizing financial markets, including measures to achieve sound foreign exchange markets. At the same time, the IMF should brace for a financial crisis preemptively by securing sufficient lending capabilities.
The underlying spirit that supports a free and fair trading system and leads global economic growth is multilateralism. It is also a driving force behind peace.
Since the end of World War II, the international community has sought world peace and prosperity through cooperation between nations. This is evidenced by the efforts of Europe and ASEAN to rise above war and poverty and build political and economic communities.
I believe this historic success can be replicated on the Korean Peninsula and in Northeast Asia.
This year, the situation on the Korean Peninsula has changed dramatically. Through three rounds of inter-Korean summits and the historic North Korea-U.S. summit, the Korean Peninsula is now ushering in peace.
Currently, South and North Korea are carrying out practical measures to completely eliminate the risk of military clashes.
I am convinced that the easing of military tensions between the two Koreas will contribute to progress in denuclearization talks between the United States and North Korea. In addition, I hope that a second summit between the United States and North Korea will be held as early as possible so that the concrete measures agreed upon at the Singapore Summit will be implemented swiftly.
Peace on the Korean Peninsula will become the foundation of peace in Northeast Asia and greatly contribute to global peace and stability.
To that end, I proposed in August the establishment of the East Asian Railroad Community on the premise of complete denuclearization of the Korean Peninsula. It is an initiative to connect railroads between South and North Korea and between Northeast Asia and Europe through cooperation among six Northeast Asian nations and the United States. It can become a driving force to help form energy and economic communities that can lead to a multilateral peace and security system.
When a nuclear-free Korean Peninsula serves as a bridge allowing people and goods to move freely between the continent and ocean, common prosperity will become a tangible reality.
Sustainable development is possible only in a time of peace. I believe that peace on the Korean Peninsula is a path that contributes to the advancement of humanity. I will work ceaselessly to help achieve peace. I ask you, the heads of state and government of the G20, for active support and encouragement.