Reuters - South Korean President Lee Myung-bak warned that a failure by G20 economies to find a solution soon to disputes about foreign exchange policy could cause significant problems for the world economy.
G20 leaders will fail to agree detailed guidelines on shrinking the world's trade imbalances when they meet this week in Seoul, South Korean President Lee Myung-Bak was quoted Tuesday as saying.It will "take months" to agree specific guidelines, Lee said in an interview in the run-up to the summit this Thursday and Friday.Disputes over currency and lopsided trade are set to dominate discussions between leaders of the Group of 20 advanced and emerging economies.
Today Secretary Gary Locke and the congressional delegation concluded
their three-day trip to Seoul with a visit to the Demilitarized Zone – the
border between South and North Korea – and a lunch with U.S troops and their
families at Yongsan Garrison to thank them for their service. The group also
met with leaders of South Korea’s Democratic Party and Grand National Party at
Korea’s National Assembly to discuss the U.S.-South Korea Trade Agreement
“Over the last few days we have had the
opportunity to see first-hand the benefits that KORUS will bring to the
economies of both the U.S. and Korea,” Locke said. “There is great demand for
U.S. products -- from made-in-America cell phone components to life-saving
medical equipment. This agreement will increase mutually beneficial trade,
strengthen our economies and create jobs in both of our countries.”
Locke also visited Seoul National University Hospital for a
demonstration of Varian Medical Systems’ (Palo Alto, Calif.) advanced
radiotherapy technology. Varian is the world leader in this life-saving,
cancer treatment technology with approximately $34 million worth of annual
sales to South Korea. Their equipment is manufactured in California and
Utah and exported globally. Under the U.S.-South Korea trade agreement, the
tariff on Varian’s products would be eliminated, making the company more
competitive in the Korean market.
ETF Database submits: South Korea is home to one of the world’s most unique and promising economies, thriving off of its status as a tech leader as well as proximity and strong relationships with many of Asia’s rapidly-expanding emerging markets. But constantly looming over South Korea is the unstable relationship with its neighbor to the north, one of the world’s most closed and volatile regimes in North Korea.