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WORLD

Currencies set to dominate G20 summit agenda

11.11.2010 [17:30]
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Baku, November 11 (AZERTAC). The world`s leading economies have begun a summit in South Korea, with currency policies set to dominate the agenda.

There are fears the G20 meeting in Seoul could descend into a row between the US and China about so-called "currency wars" and trade imbalances.

Ahead of the meeting, US President Barack Obama urged leaders to work together for global economic recovery.

He also defended the US`s policy of pumping $600bn into the economy.

"In a prudent, stable way, we want to make sure that we are boosting growth rates at home as well as abroad," Mr Obama said of the policy announced last week designed to kick-start the US economy`s fragile recovery.

"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 US and South Korea also announced that they had failed to seal a free trade deal, in talks ahead of the main G20 meeting.

The pact was agreed three years ago, but has since stalled over US lawmakers concerns about access to South Korean markets for US beef and cars.

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