A report said the Group of Twenty (G20) Summit to be hosted by South Korea next year may be a decisive opportunity of the century to beef up the South Korea-U.S. alliance.

The Center for Strategic & International Studies (CSIS), a U.S.-based think tank, said South Korea must take the G20 Summit as a grave momentum to finally close the bilateral free trade agreement (FTA) in its analysis on post-financial crisis alliance between South Korea and the U.S. released on November 5.

CSIS reported that South Korea's success as the G20 host nation is an unprecedented opportunity for President Lee Myung-bak to strengthen his 'Global Korea' vision.

While significance of diplomatic agendas laid between South Korea and the U.S. including emerging of Asia, the proliferation of weapons of mass destruction (WMD), international economic cooperation is growing, two nations' collaboration on those agendas will bolster the ground for a strategic alliance, the report predicted. However, the report warned that if the U.S. does not make a wise use of the G20 summit next year and fails to ratify the FTA with South Korea, the country's global leadership and its alliance with South Korea may face serious jeopardy.

"Once the KORUS FTA takes effect and an economic trade partnership integrating three economic blocs of Korea, U.S., and E.U. is formed, no FTAs signed by any other countries can outdo its influence," the report projected.

[Written by Gwang-ik Chang, Washington D.C. Correspondent - Ye-sol Yi / edited by Jae-yoon Jung]



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