By Kim Jae-won
Vice finance ministers from the G20 economies will have three-day talks next week to finalize key agenda for the Seoul Summit slated for Nov. 11 and 12, a high-ranking government official said Thursday.
The local G20 preparation committee said the meetings will begin Monday to draw up the draft for the declaration that will be passed onto finance ministers on Nov. 11 for last minute high-level discussions to iron out any differences.
The results of the ministerial talks will be forwarded to the leaders of the world's 20 advanced and emerging economies the following day for deliberation on the final text of the declaration to incorporate any changes reached at the summit meetings.
“Vice finance ministers will make a draft for the Seoul Summit based on the Gyeongju meeting’s communiqué,” Choi Hee-nam, head of Ageda Bureau at G20 committee, said.
A communique is a joint statement produced as the final result of each meeting.
Ministers at the Gyeongju meeting on Oct. 22 and 23 agreed to refrain from competitive devaluation of their currencies and accept market-determined currency policies. They also agreed that excessive current account surpluses or deficits were detrimental to sustained global economic growth.
Choi added that development and trade issues, which the sherpas have discussed, also will be dealt with during the vice finance ministers’ meeting. At the G20, sherpa refers to the official in charge of negotiation at working-group meetings.
Another source commenting on the committee said the summit will basically confirm agreements reached in past discussions and outline balanced growth issues that can address demands by newly emerging economies and to guard against protectionism.
Others at the finance ministry hinted that setting numerical guidelines to limit the size of a current account imbalance may be discussed by vice ministers.
"Because the issue is sensitive, if no serious headway is made, a broad recommendation calling on countries to reduce imbalances can be included in the declaration that can help carry out future talks," an insider said.
Agendas like the "Seoul Initiative" to set up a global financial safety net and pursue reforms in the International Monetary Fund are to be settled in the final statement, since an understanding has already been reached.
In addition, a so-called Seoul Action Plan is expected to be attached to the declaration that can set guidelines that can be followed by G20 countries on currency, fiscal health and consumer price policies.
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