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G20 Attempts to End Disputes on Currencies, Trade Imbalances

   Steve Herman | Seoul 12 November 2010

   South  Korean  President  Lee  Myung-bak  opened  Friday's Group of 20
   summit  by  stating there has been "big progress" in the negotiations,
   but he gave no details.
   Summit  spokeswoman  Sohn Jie-ae says the president also asked leaders
   to compromise.
   "They  started  the  session  off  with  the  South  Korean  president
   emphasizing   the   fact  that  the  sherpas  and  the  deputies  were
   negotiating until the wee hours in the morning," she said.  "He asked
   the  leaders  to take account of their efforts and that we should work
   together to get an agreement at the end of the day."
   The  United  States  is finding little support for its proposal to set
   targets for trade balances.
   China  is  resisting any commitments on currencies that would make its
   exports more expensive.
   There  are  concerns that if the G20 does not reach a compromise, some
   countries  may  implement protectionist measures that could harm trade
   and growth.

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