Subscribe
E-Paper
 |
| G7 leaders and Ukraine's President Volodymyr Zelenskyy pose during a working session on the final day of the G7 Summit in Hiroshima, Japan, Sunday. AP-Yonhap |
Korea's economic capabilities warrant inclusion in G7
By Lee Hyo-jin
The prospect of Korea joining the Group of Seven (G7), the club of the world's seven most powerful nations, and thereby making it a G8, is becoming brighter as the Asian country continues to expand its influence on the global stage.
Launched in 1975, the G7 is an informal bloc of the leading industrialized democracies ― the United States, the United Kingdom, Canada, Japan, France, Germany and Italy. Although Korea is not a member, it has participated as an observer in four of the annual G7 leaders' summits dating back to 2008.
In recent years, policymakers here have debated whether Korea could get a permanent seat, and the idea seems to be gaining increasing support following President Yoon Suk Yeol's attendance at the latest G7 summit in Hiroshima, Japan.
The ruling People Power Party hailed Yoon's pledge to have Korea play a bigger role in addressing global crises, as well as the series of bilateral and trilateral summits he held with G7 leaders, saying that Korea now looks like a "member of the G8."
Similar praises came from the Ministry of Foreign Affairs.
"The foreign policies carried out by President Yoon Suk Yeol have upgraded Korea's position to stand shoulder to shoulder with G7 nations, to a G8 status," Foreign Minister Park Jin said during a forum hosted by the Korea News Editors' Association, Tuesday.
Analysts believed there might be a strong case for Asia's fourth-largest economy to become a member of the G7, considering the size of its economy and military along with its democratic political system.
"Korea's current capabilities warrant inclusion in the G7. Most importantly, its GDP per capita is essentially on a par with Japan's and Italy's," said Ramon Pacheco Pardo, an associate professor in International Relations at King's College London and the KF-VUB Korea chair at the Brussels School of Governance.
However, Pacheco Pardo viewed that Korea is not the only country looking for a seat at the G7.
"Formal membership of the G7 probably would only happen along with other countries, most notably Australia and perhaps India….as it would be a part of a recognition by G7 members that its current configuration is obsolete and there is a need to incorporate more Asian and Indo-Pacific democracies," he said.
 |
| World leaders from G7 and invited countries, including President Yoon Suk Yeol, pose during the G7 Leaders' Summit in Hiroshima, Japan, Saturday. AP-Yonhap |
Naoko Aoki, an associate political scientist at RAND Corporation, commented that it is a good idea for Korea to play a greater global role, as a robust democracy with significant economic and political clout.
Although there is no formal criteria used to grant G7 membership, a decision to let a new country in has to be unanimous among the member nations. There are some concerns here that Japan ― the only Asian country in the G7 ― may not welcome the prospect of Korea joining.
But Aoki viewed otherwise.
"I think Japan should be closely collaborating with countries that support a rules-based international order, particularly one with as much economic and political clout as Korea," she said.
Nevertheless, both experts questioned the practical benefits Korea could enjoy if it becomes a permanent member of the G7.
"The question for Korea is whether the G7 is the way to go. In other words, is joining the G7 a good way for Korea to exert its influence globally?" Aoki said.
She added that the G7 has changed since the early days in the 1970s when it began as a forum for central bankers and finance ministers. Nowadays, the G7's share of the global economic output is declining, compared to G20, or the group of 20 of the world's largest economies, the researcher said.
Pacheco Pardo echoed the sentiment, saying that a formal membership in the G7 may not make much of a difference for Korea in terms of international relations.
"Politically, it would be hugely symbolic. Korea is now regularly invited to G7 summits and its policy aligns with G7 members anyway. So from a purely practical point of view, I don't think that there would be a major change."
Moreover, Seoul was advised to think about its relations with Beijing, if it were to join the G7.
"The G7 has become more unified after the war in Ukraine, condemning Russian actions and placing emphasis on what is often called a rules-based international order. China has reacted angrily to the recent G7 statement," Aoki said.
Pacheco Pardo said that if Korea joins the G7, it would be a sign of being part of the "West," moving away from its current position as a neutral country.
