G20 Seoul Summit to seek currency policy compromise

SaKong Il, chairman of the Presidential Committee for the G20 Summit, said that the currency dispute between major countries be resolved through compromise at the G20 Seoul Summit.

“We are currently in the second stage of evaluation, in order to carry out the framework for strong, sustainable, and balanced growth which was launched at the Pittsburgh Summit,” SaKong Il said in an international symposium hosted by the Korea Development Institute and the Brookings Institution in Seoul on September 28. “Throughout this stage, the currency issue will be under deep consideration and we hope we will be able to find some point of agreement,” he added.

He also expressed that the countries involved with the currency issue should seek compromise through the G20 Seoul Summit, adding that the discussions were not only taking place at the summit on November 11, but that discussions were ongoing at the working-level.

Paul Martin, former prime minister of Canada, also said that the G20 should be a global coordinating committee and to achieve this, every single agenda which relates to international concerns should be considered. Martin also said exchange rate discussions should be brought to the G20 summit table in Seoul next month, and should be discussed either officially or unofficially.

U.S. Treasury Secretary Timothy Geithner expressed concern about the limited, slow revaluation of the Chinese yuan at the U.S. Senate banking committee meeting on Sept. 16, and emphasized that he would rally support for the exchange rate reforms and fair trade practices.

Meanwhile, Martin said that as Korea is the first host and chair from the Asian region, the G20 will enter a new stage in international society and play a crucial role in future.

Source : http://korea.net

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