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G20 Seoul Summit achieved meaningful outcomes, South Korean President Lee revealed

President Lee Myung-bak held a press conference on November 12, following the G20 Seoul Summit, which was held on Nov. 11-12, at Coex Convention Center in southern Seoul.

President Lee said the G20 Seoul Summit was successful and achieved meaningful outcomes by pursuing "strong, sustainable growth." The international gathering agreed to set up a detailed timetable to form guidelines to address exchange rate and current account imbalance issues.

The president said the most remarkable piece of progress was that the G20 leaders actualized the results of previous G20 meetings into a concrete action plan.

President Lee also said the G20 leaders agreed to implement market-determined foreign exchange policies through the "Seoul Action Plan."

The G20 decided to shift International Monetary Fund (IMF) quota shares for industrialized countries to dynamic emerging markets, developing countries, and underrepresented countries in order to better reflect the current economy. This step was previously agreed to at the G20 Finance and Central Bank Deputies' Meeting & G20 Finance Ministers and Central Bank Governors' Meeting in Gyeongju, Gyeongsangbuk-do, on October 23.

The member countries agreed to ease conditions for IMF loans. Additionally, they created a Flexible Credit Line (FCL) and Precautionary Credit Line (PCL) as new preventative tools to cope with future crises.

Thanks to these reforms, President Lee said that the IMF will play a larger role not only in crisis resolution, but also in crisis prevention.

Lee said the G20 reaffirmed its political will for an early settlement of the World Trade Organization's (WTO) Doha Development Agenda (DDA). As part of these efforts, President Lee said the G20 will prevent all forms of protectionism and expand trade liberalization in order to promptly bring the DDA to a "successful, ambitious, comprehensive, and balanced conclusion."

President Lee also said that the G20 leaders endorsed the G20 Anti-Corruption Action Plan to create a transparent and fair business environment.

President Lee expressed his hopes that the G20 Seoul Business Summit will become one of most important parts of future summit meetings.

G20 leaders agreed to continue with active provisions of aid for developing countries. As part of the development agenda, they further agreed to cultivate the growth potential of developing nations to narrow the development gap by adopting the "Seoul Consensus."

The president also said Korea will expand its official development assistance the OECD average by 2020.

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