The two-day G20 Seoul Summit came to a successful close on November 12.

The President, other G20 leaders and representatives of international organizations adopted the "Seoul Declaration" and "Seoul Action Plan" at the end of five discussion sessions.

The "Seoul Declaration" set up a framework to resolve currency disputes and reaffirmed the will of G20 leaders to prohibit protectionism, build a global financial security network and reform the International Monetary Fund (IMF).  They also agreed on the need for development to achieve sustainable, balanced economic growth.

This was the first G20 summit to be held in Asia, or by a non-G7 nation. This helped to ensure that the concerns of emerging economies were discussed at the summit and reflected in the main agendas for the summit.
 

Leaders of the G20 wave after attending the G20 Seoul Summit on Nov. 12.

The G20 also adopted the "Seoul Action Plan" which contains policy measures for cooperation and action to move towards market exchange rates and exchange rate flexibility.  World leaders hope that this will provide new momentum to ease global currency account imbalances.

G20 leaders agreed to implement a market-determined currency policy system to reflect economic fundamentals and to boost currency flexibility, while refraining from competitive currency depreciation. This 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 Oct. 23.

They also decided to shift International Monetary Fund (IMF) quota shares for industrialized countries to dynamic emerging markets, developing countries, and underrepresented countries to better reflect the current economy.

The G20 also welcomed the creation of a Flexible Credit Line (FCL) and Precautionary Credit Line (PCL) as new preventative tools to cope with future crises.

The G20 leaders further adopted the "Seoul Consensus." It proposes new directions and principals to help in eradicating poverty and narrowing the gap between developing and industrialized countries. The leaders also adopted a “Multi-Year Action Plan” for infrastructure development in developing countries.

The G20 Business Summit became a main part of the international gathering as part of efforts to consider the opinions of the private sector. "Korea led the initiative for the G20 Business Summit, and all the other G20 countries agreed to participate," said Cheong Wa Dae spokeswoman Kim Hee-jung.

The Korean government will help with the implementation of the main agendas of the summit, including playing a leading role in development and the financial security network.

The President (third from left) and First Lady Kim Yoon-ok with other G20 leaders at a luncheon on Nov. 12

Meanwhile, the President held a luncheon to celebrate the successful hosting of the G20 Seoul Summit on Nov. 12, with more than 200 participants, including leaders and ministers from G20 nations, representatives of international organizations and journalists.

The attendees included UN Secretary General Ban Ki-moon, Prime Minister Kim Hwang-Sik, Seoul Mayor Oh Se-hoon, EU President Herman Van Rompuy and European Commission President Jose Manuel Barroso.