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12:15 GMT
TOKYO, Nov 10 (KUNA) -- US President Barack Obama arrived in South Korea on
Wednesday to attend the summit of the Group of 20 (G-20) major economies set
for Nov.11-12, where spats over foreign exchange rates and economic imbalances
in the world economy are set to dominate the talks, the Seoul-based Yonhap
News Agency reported.
Earlier in the day, the International Chamber of Commerce (ICC) urged G-20
leaders to recommit themselves to free trade, saying trade is the fundamental
key to many problems facing the world, including the ongoing foreign exchange
dispute between the US and China.
The call came one day before Obama and Chinese President Hu Jintao were to
meet in Seoul with 18 other heads of state for the G-20 Seoul summit.
South Korean President Lee Myung-bak said last week that global leaders
will seek to reach a set of concrete guidelines on ways to halt currency
disputes and reduce trade imbalances in the upcoming summit.
He said the US China and European nations, in despite over exchange rates,
will "be able to move one step forward and reach a compromise through
discussions." China has come under growing pressure to stop its practice of
keeping its currency, the yuan, artificially low in a bid to boost exports and
let it appreciate at a faster speed.
Lee took note of China's cooperation at the Gyeongju meeting and held out
expectations over "positive cooperation by Chinese President" at the Seoul
summit as well.
The G-20 involves Argentina, Australia, Brazil, Britain, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia,
South Africa, South Korea, Turkey, the US and the European Union. (end)
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KUNA 101515 Nov 10NNNN