US-led Democracy Summit Opens... Leaders' Summit on the 29th

The second Democracy Summit, led by the United States, opened on the 28th (local time). This summit, organized to check the rise of authoritarian countries including China and Russia and to strengthen democratic solidarity since President Joe Biden took office, includes South Korea as a co-host. President Yoon Suk-yeol will preside over the economic growth session following the joint opening remarks on the 29th.

According to the White House, at this pre-event meeting, U.S. Secretary of State Antony Blinken and Treasury Secretary Janet Yellen led thematic discussions on topics such as establishing peace in Ukraine, corruption and war, strengthening labor unions, and improving the status of women. Originally, Ukrainian President Volodymyr Zelensky was scheduled to deliver a speech via video, but this did not materialize due to his visit to the combat zone.

In his keynote speech, Secretary Blinken reaffirmed support for a peace settlement in Ukraine, including the full withdrawal of Russian troops. He stated, "Any ceasefire proposals other than this only benefit Russia," adding, "We must be very cautious when mentioning a ceasefire. It only legitimizes Russia's occupation and gives them time to regroup and launch another attack." This was a direct rebuttal to Chinese President Xi Jinping’s recent summit with Russian President Vladimir Putin in Russia, where peace settlement proposals were presented.

Secretary Yellen emphasized the importance of global solidarity to eradicate corruption in her keynote speech. She said, "Corruption strengthens the influence of dictators," and condemned that "corruption has enabled Putin and Russia’s oligarchs to use national wealth to fund the invasion of Ukraine." She also stressed that starting January next year, measures such as mandatory reporting of beneficial ownership of companies will prevent corrupt criminals from hiding assets anonymously.

In particular, Secretary Yellen highlighted the strengthening of transparency in real estate transactions and announced that more than 20 major countries, including the United States, will participate in these efforts. She said, "We can reaffirm that the United States and its democratic partners broadly support enhancing transparency in financial transactions, fighting corruption, and upholding the rule of law." She also cited the Indo-Pacific Economic Framework (IPEF), launched last year, as an example of an international anti-corruption agreement.

The general assembly, attended by President Biden, President Yoon, and other world leaders, will be held on the 29th. At the opening ceremony, congratulatory remarks will be delivered by the heads of the co-hosting countries including the United States, South Korea, Costa Rica, the Netherlands, and Zambia. In the five sessions that follow, President Yoon will lead the economic growth session, while President Biden will preside over the crisis session addressing global challenges.

The second Democracy Summit, held virtually, includes participation from over 120 countries, an increase from 113 countries at the first summit in 2021. Many leaders from major African countries such as Tanzania, C?te d'Ivoire, and Mozambique are also attending. This is seen as a U.S. move to curb China’s expanding influence in Africa. China, engaged in overt hegemonic competition with the United States, is also hosting significant international events in succession. Following the China Development Forum held in Beijing, the 'Boao Forum'?China’s version of the Davos Forum?opened on the same day for the first time in four years.