Home > What's New
(G20) S. Korean political parties show opposite reactions to outcome of G-20 summit
SEOUL, Nov. 12 (Yonhap) -- Ruling and opposition parties took contrasting views on the outcome of the Group of 20 Summit in Seoul that ended Friday with an agreement on further steps to end the currency war and trade gaps.

   The ruling Grand National Party (GNP) said the meeting helped boost South Korea's international political standing as the chair of this year's summit, while the main opposition Democratic Party (DP) called it a "fruitless" meeting.

   Leaders of the world's 20 major economies agreed during the summit to formulate "indicative guidelines" for current account imbalances by the first half of next year, paving the way for defusing one of the most contentious issues facing the global economy.

   They also agreed to seek more market-determined exchange rate systems, enhance exchange rate flexibility and refrain from competitive devaluation of currencies.

   "With the summit declaration, the world came to build a greater policy coordination in coping with pending economic issues," said Bae Eun-hee, spokeswoman for the GNP. "Now, the world will come to see Korea with a different view, and the country will experience 'Korea premium' rather than 'Korea discount,'" she said in a press statement.

   Cha Young, spokeswoman for the DP, said the results were disappointing.

   "The government had shown a desire to make this meeting a chance to ease the imbalance of world economies, but there were no tangible results," she said.

   "Unlike its earlier plan, the country also failed to enhance its status and expand its political standing as the chair country," Cha said.

   sshim@yna.co.kr
(END)