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G20 summit agenda gets fine-tuning

Oct. 22, 2010 at 9:55 AM   |   Comments

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SEOUL, Oct. 22 (UPI) -- South Korean President Lee Myung-bak says a successful G20 financial summit next month in Seoul could help avert a global economic crisis.

Lee urged G20 financial chiefs meeting Friday in the ancient city of Gyeongju in a prelude to the summit to narrow differences in their issues, Yonhap News Agency reported.

Lee said if G20 summits weren't successful the global economy would be put at risk again.

"So, I ask you to reach an agreement for the future of the world economy," Lee said. "If you don't reach a compromise, we may not operate bus, train or airplane services when you go back home."

The primary objective of the two-day conference is to fine-tune agenda items to be addressed at the summit, the report said. The full G20 summit meeting will be Nov. 11-12.

Lee said it is important to reach an agreement on detailed methods to implement existing deals, especially the Framework for Strong, Sustainable and Balanced Growth, and the reformation of the International Monetary Fund.

"A framework agreed upon at the [2009] Pittsburgh G20 summit for strong, sustainable and balanced growth, as well as for a resolution to the imbalance of the world economy, should be implemented," Lee said.

Lee's comments came amid concern the Gyeongju talks would be overshadowed by friction over foreign exchange rates among major players, like the United States and China, the report said.

Washington attributes trade imbalances to Beijing's policy of keeping its currency, the yuan, artificially low.

"I think the IMF quota readjustment is a must to be settled at this meeting," Lee said.

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