Economic Recovery

G20 Summit likely to reach deal on trade imbalance

(Xinhua)
Updated: 2010-11-11 09:34

South Korea's President Lee Myung-bak gives a speech at the opening plenary session of the G20 CEO Summit in Seoul Nov 11, 2010. [Photo/Agencies]

SEOUL - South Korean President Lee Myung-bak said Thursday it is likely to reach an agreement on the basic principle of indicative guidelines on trade imbalance at the G20 Summit.

"Although leaders are holding onto contrasting views at the moment, they will eventually meet a common ground at some point," Lee said at the opening plenary session of the Seoul G20 Business Summit.

"It seems likely a substantial agreement will be reached on the indicative guideline, in terms of basic principles, such as what it should be based on and by when it should be completed," Lee added.

"Ultimately, we will have an agreement over the currency issue," said the president.

Lee also highlighted the role of private sector in economic recovery, saying it is essential to let the business community lead the economic growth down the road.

"To revitalize the economy, corporate sector should be regarded the most important party," Lee told the participant business leaders.

"Although it has been the government to play a leading role in economic recovery, via fiscal spending, the public sector is now facing greater possibilities of inflation and fiscal deterioration," Lee added, urging business leaders to take the role of key growth engine.

The president pointed out the Business Summit should remain as core part of the G20 framework, allowing greater voices of businesses as the G20 steers the world economy.

Following the opening remarks by the President, the Seoul G20 Business Summit started its working group sessions, as a result of which a policy recommendation report is scheduled to be announced.

The report will be submitted to the Seoul G20 Summit set to open later on Thursday.