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No agreement on G20 communique, progress on key issues expected

By Wang Bo and Ding Qingfen (chinadaily.com.cn)
Updated: 2010-11-11 10:47

Seoul — Deputies from the G20 nations still cannot reach an agreement after a whole day heated discussion on how to draft the joint communiqué, but they will try to come out with certain agreements later, a government official from the organizing committee for the Seoul G20 Summit said.

Police and security guards are on the spot in and outside buildings of Coex, the landmark business complex in downtown area of Seoul and also where the G20 Summit is held. The Seoul Summit opens today and Seoul is in high alert on security. [Photo/China Daily]?

"We were not able to reach an agreement at the present stage, as deputies are reporting to their heads of states on the discussion," the Korean official said in a press briefing on Nov 11 morning.

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The meeting is not going to talk about everything that has been discussed during the finance ministers meeting in Gyeongju, but there will be certain progress this time and "we also agreed on some principles", he said.

When asked whether any progress has been made on the key issues, such as the currency rates and current account balance, he said he cannot go into details or say "how the wording will be made".

"We have many different approaches, we are still in discussion," he said.

The G20 Seoul Summit is officially kicked off this morning, with leaders from the 20 major developed and developing world economies gathered in Seoul for a two-day high-level meeting, negotiating the pivotal issues of global economic imbalances, currency policies, trade protectionism and financial regulatory reform.