G20 Summit to Discuss Fresh Development Action Plan

President Lee Myung-bak on Wednesday said leaders of the world's top 20 economies will produce an action plan to help poor nations develop. Its aim is "to help developing nations nurture growth potential and stand on their own feet, going beyond the simple financial aid they have had until now," Lee said in a press conference on the upcoming G20 Seoul Summit.

He added Korea is proposing a draft consisting of 100 points to achieve balanced global development.

The summit will also build on a currency agreement reached at the G20 Meeting of Finance Ministers and Central Bank Governors in Gyeongju last month. "How to make the guidelines will be discussed at the summit," he said.

Asked about skepticism over the future of the G20, Lee said there is no international mechanism to replace the group and voiced confidence that its role would be strengthened as the global economy recovers from the financial crisis.

Lee also touched on the Korea-U.S. FTA, where trade officials from the two sides are presently in additional talks, saying the faster a compromise is reached so the FTA can be ratified in both parliaments, the better. 

Korea's chief FTA negotiator Choi Suk-young and U.S. Trade Representative Wendy Cutler meet in Seoul on Thursday for another two-day round of talks.