S Korean president highlights G20's role as premier forum at ministerial meeting

15:57, October 22, 2010      

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South Korean President Lee Myung-bak on Friday expressed his hopes for the role of the Group of 20 (G20) as the premier forum and the success of the upcoming Seoul Summit.

Giving an opening speech to the G20 Finance Ministers and Central Bank Governors Meeting held in Gyeongju, the president said that the G20 was not important for weathering the crisis but building a foundation for the post-crisis economy crisis.

He also urged the leaders to swiftly implement the framework settled at the previous G20 talks in Pittsburgh, highlighting the need to reform the IMF quota, which is part of the main agenda to be tabled at the ministerial meeting.

"The IMF quota reform is a must that should be settled at the Gyeongju meeting," Lee said.

The president also put stress on the issues of development and global financial safety net (GFSN), which South Korea newly brought to the negotiation table for the upcoming summit.

"I strongly urge you to reach an agreement on major agenda items at the meeting, not only for the benefit of the member countries, but also for those who are not part of the G20," Lee added.

The Gyeongju finance minister meeting kicked off Friday and is scheduled to last till Saturday, at which leaders will review and finalize the agenda to be tabled at the G20 November Seoul Summit.

At the meeting, in particular, the participant leaders are expecting to see a breakthrough in the thorny issue of currency tensions.

Source: Xinhua


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