G-20 Summit gets underway - Seoul - India News and Travel Times Provides India-centric and other News and Features

The fifth G-20 summit got underway in South Korean city Seoul here amid sharp difference of opinions among the participating 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 issues such as exchange rates, global financial securities and institutionalized reforms were high on agenda. The Indian Prime Minister, Dr. Manmohan Singh, while dwelling on the summit agenda, said that there is no universally agreed diagnosis as to what ails the world economy. Ahead of the summit, Dr. Manmohan Singh during his meetings with British Prime Minister David Cameron and Mexican President Felipe Calderon shared this viewpoint about the summit. Dr. Singh earlier arrived at the great hall of national museum of Korea for working dinner with leaders of G-20 countries. Earlier, G-20 committee spokesman Kim Yoon Kyung told reporters that the negotiators were working to advance agreement over currencies from the Gyeongju Accord, announced by finance ministers last month. He informed they have so far failed to narrow differences on either exchange rates or the commitment to avoid sustained imbalances in trade and investment flows. Last month, in the Korean city during the meeting of finance ministers and central bankers it was agreed to move toward more market-determined exchange rate systems and reducing excessive imbalances. It maybe noted that India, the second fastest growing major economy after China, is keen to preserve the growth momentum. Meanwhile, the Deputy Chairman of India's Planning Commission Montek Singh Ahluwalia, who is country's key negotiator at the summit, said officials were working to bridge the differences ahead of the meetings of the global leaders. Earlier, Prime Minister Dr Manmohan Singh stressed on the need for a new re-balance of the global financial system and cautioned against protectionism. He said the forum must also focus on the development agenda while addressing the current global economic crisis. He assured that India would 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. Dr. Manmohan Singh arrived here in Seoul last evening.

G-20 Summit gets underway in Seoul