G20 Summit likely to reach deal on trade imbalance

09:25, November 11, 2010      

Email | Print | Subscribe | Comments | Forum 

South Korean President Lee Myung-bak said Thursday it is likely to reach an agreement on the basic principle of indicative guidelines on trade imbalance at the G20 Summit.

"Although leaders are holding onto contrasting views at the moment, they will eventually meet a common ground at some point," Lee said at the opening plenary session of the Seoul G20 Business Summit.

"It seems likely a substantial agreement will be reached on the indicative guideline, in terms of basic principles, such as what it should be based on and by when it should be completed," Lee added.

"Ultimately, we will have an agreement over the currency issue, " said the president.

Lee also highlighted the role of private sector in economic recovery, saying it is essential to let the business community lead the economic growth down the road.

"To revitalize the economy, corporate sector should be regarded the most important party," Lee told the participant business leaders.

"Although it has been the government to play a leading role in economic recovery, via fiscal spending, the public sector is now facing greater possibilities of inflation and fiscal deterioration, " Lee added, urging business leaders to take the role of key growth engine.

The president pointed out the Business Summit should remain as core part of the G20 framework, allowing greater voices of businesses as the G20 steers the world economy.

Following the opening remarks by the President, the Seoul G20 Business Summit started its working group sessions, as a result of which a policy recommendation report is scheduled to be announced.

The report will be submitted to the Seoul G20 Summit set to open later on Thursday.

Source: Xinhua

(Editor:张茜)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion