G20 Seoul Summit 2010 sees arguments over trade imbalances and currencies


UK Today News: G20 Seoul Summit 201o sees arguments over trade imbalances and currencies

The G-20 Seoul 2010 summit on Thursday, in the capital city of South Korea, had global financial systems and correction of trade imbalances as the most important issue that will be talked about. The second day of the Summit will take place on Friday.

Reports state that US President Barack Obama wants all the leaders to concentrate on working together for ‘global economic recovery’. He made it sure to state it once again, that his country has invested $600 billion to boost the economic recovery.

Obama said, “In a prudent, stable way, we want to make sure that we are boosting growth rates at home as well as abroad. It is difficult to do that if we start seeing the huge imbalances redevelop that helped to contribute to the crisis that we just went through.”

The pact that was going to be held between US and South Korea has been postponed, as certain things did not work out between the countries.

Lee Myung-bak, the South Korean President said, “We agreed that more time is needed to resolve detailed issues and asked trade ministers to reach a mutually acceptable deal as soon as possible.”

The G-20 summit will also include methods to promote balanced and sustainable international economic growth.

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