November 12, 2010 09:15
The G20 Summit began on Thursday with the leaders of the world's top 20 economies discussing a resolution to global currency disputes, the creation of an international financial safety net to prevent another global financial meltdown and assistance for developing countries.
President Lee Myung-bak, U.S. President Barack Obama, Chinese President Hu Jintao and German Chancellor Angela Merkel were among leaders who met over dinner at the National Museum of Korea.
"Everyone should understand that the global economy can continue to develop only within the framework of international cooperation," Lee said in a speech. "I hope we can reach an agreement and come up with specific plans at the Seoul summit in order to achieve international cooperation" to resolve the currency dispute.
World leaders also discussed the issue of trade imbalances, another urgent task facing the global economy, and the establishment of guidelines to deal with the problem.
Since the G20 Finance Ministers and Central Bank Governors Meeting in Gyeongju last month, Korea and the U.S. have been seeking to set guidelines limiting current account surpluses or deficits to 4 percent of GDP. But Germany remains opposed.
Lee will announce a declaration of the results of the summit at around 4 p.m. on Friday.
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