G20 members condemn North Korea

http://www.businessweek.com/ap/financialnews/D8LFT3RG0.htm



G20 members condemn North Korea

The Group of 20 economies universally condemned North Korea for its recent nuclear test, but rejected a bid by Japan to formally include the position in the final communique issued Sunday at its annual meeting, the meeting's host said.

"All of the countries represented at the G-20 deplore that test and the instability that it threatens on the Korean Peninsula," Australian Treasurer Peter Costello told reporters at a news conference at the end of two days of closed-door meetings of 20 of the world's top finance minister and central bankers.

"Because it was a meeting of economic ministers and central bankers, there was a view that we shouldn't just broaden the agenda to issues outside our principal area of work. That's why it wasn't mentioned" in the final statement.

Finance Minister Koji Omi of Japan had proposed to include North Korea in the statement, and said the United States had been receptive to the idea.

But China was among countries opposed to it, arguing the G-20's economic focus meant it was the wrong forum for such a stand.

"The North Korea issue is worrisome for not only people in Japan and Asia, but for people everywhere, and we should say at every opportunity that North Korea's nuclear weapons development can't be tolerated," Omi said Saturday, before the final decision.

Asked if there was dissent among members about the keeping North Korea out of the communique, Costello said there had been a "general consensus" on the issue.

Regarding the global economy, the G-20 called a successful conclusion to the stalled Doha round of world trade talks was "essential" to ensure faster global economic growth to help reduce poverty.

"Stable growth depends on open trade," the statement said.

It also said that global prosperity was under threat from rising protectionism in trade and investment."

Concerning global energy, a key them of the meeting, it said "strengthening markets" and "encouraging efficiency" were the best way to deliver lasting security in resources such as oil and minerals.

The statement also said that "appropriate exchange rate flexibility" will be one of the elements required to maintain strong world economic growth and keeping inflation contained.

China, which has come under pressure to move faster on loosening restrictions on the trading of its currency, the yuan, however, was not specifically mentioned in that regard.

Officials from 19 countries and the European Union, the World Bank and International Monetary Fund attended the talks in the southern Australian city of Melbourne.

The delegates also expressed their support for further reform of the International Monetary Fund and World Bank. In September at the sister organizations' annual meeting in Singapore, IMF members agreed to increase voting rights for four countries -- South Korea, Turkey, China and Mexico -- to reflect their growing economic clout.

The meeting was married on Saturday by violent clashes between police clashed with rock- and bottle-throwing demonstrators outside the meeting venue, in scenes reminiscent of violent anti-globalization protests in the late 1990s. There were a handful of minor injuries.

There was no protests Sunday.

Formed in 1999, the G-20 includes the Group of Seven advanced industrial countries, the EU as well as China, Brazil, India, Russia, South Korea, Argentina, Australia, Indonesia, Mexico, Saudi Arabia, South Africa and Turkey.

Together, the G-20 represents about 90 percent of the world's gross national product, 80 percent of the worlds' trade and two-thirds of its population.
_________________
"May God have mercy upon my enemies, because I won't." -General George S. Patton

Psalm 82-8: Arise, O God, judge the earth, for You inherit all the nations.