Tue, Dec 08, 2009 - Page 11 News List

G20 hosts Canada, S Korea work on global recovery

AFP , SEOUL

Next year’s G20 hosts Canada and South Korea are working closely together on a blueprint for a sustained global economic recovery, Canadian Prime Minister Stephen Harper said yesterday.

“Economies are showing signs of stabilization, but this recovery is fragile. It is a recovery that wrong choices could quickly stall, or even reverse,” Harper said in a speech to South Korea’s parliament. “The livelihoods of families all over the world hang in the balance.”

Leaders of the G20 countries agreed at their September summit in Pittsburgh, Pennsylvania, to meet again next year in Canada in June and in South Korea in November.

Harper, who arrived in Seoul on Sunday for a two-day visit, was to hold talks later with South Korean President Lee Myung-bak.

The prime minister said Ottawa and Seoul were “renewing strong relations” while planning for the leadership role they will play as G20 hosts.

“For Canada and Korea, this is a unique opportunity and a unique responsibility. We must lead the way. We must build upon the work done in Washington, London and Pittsburgh,” he said.

The prime minister stressed the importance of forming “prudent regulation” of the global financial sector and reform of international financial institutions.

He said, however, that global trade must not waver.

G20 nations must draw up a credible exit strategy from stimulus packages and return the world economy to a path of sustainable growth, he said.

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