The fifth G-20 summit got underway in South Korean city Seoul amid sharp divisions among members on measures to sustain the global recovery. The summit officially kicked off with a working dinner this evening and a full day of meetings tomorrow, where topics like exchange rates, global financial securities and institutionalized reforms were high on agenda.Dwelling on the summit agenda, the Prime Minister, Dr. Manmohan Singh said that there is no universally agreed diagnosis as to what ails the world economy. Dr. Singh in his meetings with British Prime Minister, David Cameron and President of Mexico, Felipe Calderon ahead of the summit shared this view point about the summit.Earlier Dr. Singh arrived at the great hall of national museum of Korea for working dinner with leaders of G-20 countries.Earlier, G20 committee spokesman Kim Yoon Kyung told reporters that the negotiators are working to advance agreement over currencies from the Gyeongju accord, announced by finance ministers last month. He said, they have so far failed to narrow differences on either exchange rates or the commitment to avoid sustained imbalances in trade and investment flows. The meeting of finance ministers and central bankers last month in the Korean city agreed to move toward more market-determined exchange rate systems and reducing excessive imbalances.India, the second fastest growing major economy after China, is keen to preserve the growth momentum. India's key negotiator at the summit and the deputy Chairman of the planning commission Montek Singh Ahluwalia said, officials are working to bridge the differences ahead of the meetings of the global leaders.Earlier, Prime Minister Dr Manmohan Singh pushed for a new re balance of the global financial system and cautioned against protectionism. Dr Singh, who reached Seoul last evening for attending the G20 Summit, said the forum must also focus on the development agenda while addressing the current global economic crisis and assured that India will be an active player in this regard. The prime minister said that given the theme of the Seoul Summit – Shared Growth Beyond the Crisis – expectations the world over had moved beyond the current crisis to ensure sustained and balanced growth.
News On AIR | November 11, 2010 8:25 PM
G-20 summit gets underway in Seoul