G20 Summit to agree on trade, currency guidelines: S Korean president

13:45, November 03, 2010      

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The upcoming G20 Seoul Summit will make progress on the issue of guideline on current account balances and currencies, likely to reach an agreement between G20 leaders, South Korean president said Wednesday.

Pointing to the "indicative guidelines" agreed at the G20 Finance Ministers Meeting in Gyeongju, the president said the leaders will discuss how to formulate the guideline.

"According to the agreements from Gyeongju, there should be comprehensive evaluations not only on the currency issue alone but also on current account balances, which will be made into a guideline, and all the member countries accepted the agreement," Lee said.

"About how to develop the guideline, there will be further discussion at the G20 Summit, and I expect we will reach a consensus as a result of lively debates, making further progress from the Gyeongju communique," Lee added.

The remarks came at a press conference held one week ahead of the G20 Summit, where the president also vowed to make actions based on the results of the summit.

At the G20 ministerial gathering in Gyeongju, held in preparation of the Seoul Summit, finance ministers of the G20 members reached an agreement on setting the so-called "indicative guidelines" to maintain current account imbalances at sustainable levels.

Amid the trade imbalance fist fight among major economies temporarily situated in a dormant phase, there are wide forecasts that the Seoul Summit will be able to draw concrete figures with regard to the caps on current account surpluses or deficits.

With progress on the trade imbalance issue, South Korea is hoping to contribute to stabilizing global exchange rates.

The G20 Seoul Summit will be held next week, from Nov. 11 to 12, during which leaders will hold discussions on a range of issues including trade, currency, financial sector regulation, international financial institution reform and development.


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