[Exclusive] Federation of Korean Industries Postpones East Asia's First 'GBC General Assembly'

Participation of 14 Countries Including US, UK, EU, and Australia
Scheduled for the 17th Next Month Postponed
Delayed Due to COVID-19 Spread
Considering Resuming Meetings in Late June to Early July

Jeonggyeongryeon Hall located in Yeouido, Yeongdeungpo-gu, Seoul. (Photo by Jeonggyeongryeon)

[Asia Economy Reporter Dongwoo Lee] The '2020 Global Business Coalition (GBC) General Assembly' scheduled for next month has been tentatively postponed due to the spread of the novel coronavirus infection (COVID-19).

According to the business community on the 19th, the Federation of Korean Industries (FKI) reached a final agreement through consultations with major GBC member countries such as the United States, Europe, and Australia in mid-February to postpone the 2020 GBC General Assembly, which was scheduled to be held in Seoul from March 17 to 19.

The GBC General Assembly is a global pure private economic organization coalition involving 14 major countries including South Korea's FKI, the United States, the United Kingdom, the European Union (EU), Australia, Canada, France, Germany, and India. It was established in 2012 to promote free trade and investment environments. The organization wields significant influence by jointly responding to global economic issues and conveying the opinions of the business community to governments worldwide, accounting for about 48% of the world's gross domestic product (GDP).

With the COVID-19 outbreak escalating just a month before the scheduled GBC Seoul General Assembly, the FKI decided to prioritize the safety of global member countries and made this decision.

Considering the schedules of the heads of global member organizations, key figures in the business community predict that it will be practically difficult to resume the event in April or May.

The FKI is reportedly strongly considering resuming the meeting with global member countries before the summer vacation period begins from late June to early July. However, if the COVID-19 situation does not subside, they are also considering further postponing the schedule to the second half of this year.

Previously, the FKI proposed holding the 2020 GBC General Assembly in Seoul at the GBC 2018 Sherpa meeting held at the French Business Federation in Paris in 2018.

In particular, this GBC Seoul General Assembly attracted attention from the FKI and global economic organizations as it is the first time the event will be held in the East Asia region. The FKI views this year's GBC General Assembly as an opportunity to enhance its status, as it coincides with the 10th anniversary of the 2010 G20 Seoul Summit and the 60th anniversary of the FKI's founding (1961).

The GBC Seoul General Assembly plans to address major international issues such as reform measures for the World Trade Organization (WTO) to promote free trade and economic cooperation, and global economic cooperation for the reconstruction of North Korea's economy.

An FKI official said, "It is true that we have finally agreed with member countries to postpone the GBC due to safety concerns caused by COVID-19," adding, "We plan to coordinate the future schedule considering the situation."