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SEOUL: Leaders of world’s major developed and developing countries wrapped up their 2 day G – 20 summit here pledging to refrain from competitive devaluation of currency. They also promised to enhance exchange rate flexibility and committed themselves for a balanced and sustainable growth. The Leaders agreed to come up with indicative guidelines to tackle trade imbalances affecting world growth.
A declaration issued at the end of the summit said the members agreed to enhance Mutual Assessment Process – MAP – to promote external sustainability. Earlier, addressing the plenary, the Prime Minister Dr.Manmohan Singh called for a new re-balancing of global economy.
He said recycling of surplus savings into investment in developing countries will not only address the immediate demand imbalance, it will also help to address developmental imbalances. Dr.Singh is on his way back home. AIR correspondent covering the summit, however, says the declaration has several vague notions like job creation and MAP. It has deferred the monitoring of assessment plan to 2011 when French presidency of G-20 takes over.
The advocacy of balanced and sustainable growth by the Prime Minister Dr. Manmohan Singh has, however, echoed in the declaration. AIR