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Hu Jintao arrives in Seoul for G20 summit
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At the Seoul Summit, according to the host South Korea, the G20 will build on past agreements, while introducing new agenda items that support the same fundamental goals.
South Korea said it will support discussion of a system of global financial safety nets and plans to reduce global poverty and the development gap.
In a message published on the G20 Seoul Summit Website, South Korean President Lee Myung-bak says that during the Toronto Summit last June, the leaders agreed to reach an agreement on many of the important topics during the G20 Seoul Summit.
"We promised to do all that we can to bring about workable and substantive agreements on issues such as reform of international financial institutions, financial regulatory reform and balanced and sustainable growth, among others," says the president.
"Further more, we seek to achieve progress in topics of global interest, including the Global Financial Safety net and the issue of development," Lee says.
The G20 was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy.
The members of the G20 are: Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States, and the European Union (EU).
Together, G20 member countries represent around 90 percent of global gross national product, 80 percent of world trade (including EU intra-trade) as well as two-thirds of the world's population.
In addition to leaders from the 20 member countries, the heads of key international institutions, including the United Nations, the International Monetary Fund, the World Bank and the Financial Stability Board, are expected to participate in the Seoul summit.
From Seoul, President Hu will travel to Yokohama, Japan, for the 18th Economic Leaders' Meeting of the Asia-Pacific Economic Cooperation (APEC) forum on Friday afternoon.
