G-20 Summit in November 2010

INDIA wants consensus and not confrontation to resolve the standoff over under-valuation of Chinese Yuan against the US dollar- a matter likely to come up for discussion at the meeting of finance ministers and central bank governors of the G-20, opening here today.
“I do not believe in confrontation.I believe in dialogue. If the issues are to be resolved, it should be through the dialogue amongst the parties concerned,” Indian finance minister Pranab Mukherjee said ahead of the twoday meeting of a club of developed and emerging nations.
“India’s stand”, he added, “will depend on how the issue is raised at the meeting. It will be left for the leaders to decide (at the G-20 summit later in November). We will get our views reflected in the communique to be issued at the end of the two-day conference.” While the US wants China to appreciate its currency yuan in line with market forces, Chinese government is resisting the move as it would hurt the country’s exports.
The resultant currency war has prompted some other countries, especially Japan, to weaken their currencies by pumping in more funds into the market.
The issue is likely to be deliberated upon by finance ministers of G-20 countries, which besides India include US, China, Brazil, Japan, United Kingdom and the European nation. Deliberations will be followed up by the G-20 summit to be held in Seoul. Besides the currency war, Mukherjee said, the issue of slow economic recovery will also come up for discussion “as the world economy is still not out of the woods.” Although the three trillion dollar in stimulus has helped the countries and the fear of double dip recession is not there, “but at the same time, crisis is not yet over,” he added.
As the process of recovery has been slow in countries in north America and there are uncertainties in Europe, the world leaders will have to consider ways and means to overcome this present situation and find the path forward, the Minister said.
“The forecast of IMF has been revised now. That means that except France, Germany and couple of other countries the process of recovery is slow,” he said, adding that the efforts would have to be made to ensure that the global economic recovery was sustained.
He further said that it might not be possible to sustain growth through substantial fiscal expansion as it would become difficult to sustain large the sovereign debts.
“The sovereign debt burden, which caused the crisis in Euro zone, Greece, Spain and Portugal, if repeated in the larger context then it (growth) would (become) extremely difficult”, he said, adding the issues like withdrawal of stimulus were needed to be carefully deliberated.
Replying to questions on the International Monetary Fund (IMF) quota reforms, Mukherjee said that although the reforms were agreed in 2008, several countries were yet to ratify increased voting power for the emerging nations. As many as 112 countries have to ratify the quota reforms, though only 81-82 countries have done it so far. The reforms that seek to give additional 5 per cent voting power to emerging nations will not come into effect unless the requisite number of countries ratify them.

Source : TOI

<b>G-20 Summit</b> hi November 10~12, 2010 hian Republic of Korea (Seoul)ah  neih tur ani. Hemi rual tho hian Seoul-ah tho G20 Republic of Korea (Gyeongju)-ah a hnuaia tarlan ang hian neih tawh ani.

1) October 21, 2010 khan Deputy Finance Ministers’ & Deputy Central Bank Governors Meeting
2) October 22~23, 2010 khan G20 Finance Minister’s & Central Bank Governors’ Meeting

Twenty world leaders will come together in Seoul this <b>November</b> to discuss the state of the global economy as it emerges from the financial crisis. Together, they will take the necessary steps to reduce market volatility and move past the crisis, creating sustainable growth going forward.

The fall meeting will be the fifth leaders summit and the first in an emerging country, reflecting shifts in the global economic balance and <b>a growing understanding of the interdependence of countries and regions in the international financial system</b>.

In addition to heads of government from the twenty member countries, central bankers and finance ministers, the heads of key international institutions, including the United Nations, the International Monetary Fund, the World Bank and the Financial Stability Board, will participate in the meetings, <b>November 11-12</b>. Member countries include the G8 developed economies along with emerging economies such as the Republic of Korea. Together, the members of the G20 represent over 85% of the world economy.

Summits held to date – in Washington D.C., Pittsburgh, and London – the G20 averted economic catastrophe. In Pittsburgh, the G20 leaders agreed that, going forward, the G20 would be the premier forum for international economic cooperation, ushering in a new system of global economic governance. In Seoul this November, the leaders will take that mandate forward, paving the way for future sustainable and balanced growth.

Within the larger agenda, the leaders will continue to work to build a lasting system of cooperation – a framework – and to <b>reform international financial organizations and financial regulations</b>. At the Seoul Summit, the G20 will build on past agreements, while introducing new agenda items that support the same fundamental goals. Specifically, Korea will support discussion of a system of global financial safety nets and plans to reduce global poverty and the development gap. The Republic of Korea is delighted to host this unique event, and to offer lessons learned from its recent past in pursuit of future prosperity.

Agenda an discuss tur hrang hrang te :

In the short term, the G20 will try to build on this less-than-robust recovery and further enhance international cooperation to generate strong, sustainable and balanced growth. Toward that end, the G20 Seoul Summit will focus first on following up on previous G20 commitments within the established time-frame. Those commitments include: safeguarding the ongoing recovery and restoring fiscal sustainability; ensuring strong, sustainable, and balanced global growth; building a stronger international financial regulatory system; and modernizing international financial institutions  –

1. Ensuring Ongoing Global Economic Recovery

The world economy continues to recover faster than anticipated, but significant challenges remain. The recovery is uneven and fragile and unemployment in many countries remains at unacceptable levels.Moreover, recent events highlight the importance of sustainable public finances.

In June, at the Toronto Summit, the leaders of the G20 agreed on the importance of safeguarding and strengthening the recovery while laying the foundation for strong, sustainable

2. Framework for Strong, Sustainable, and Balanced Growth

At the Pittsburgh Summit, the G20 leaders launched the Framework for Strong, Sustainable, and Balanced Growth to strengthen international cooperation in the interest of future economic growth and stability.

The leaders of the G20 tasked the IMF to support a mutual assessment process for the Framework, in conjunction with other relevant international organizations with expertise on development, finance, labor market, and trade.

At the Toronto Summit, the leaders reviewed the results and agreed on a set of policy options which, if implemented, would bring the world economy closer to the G20’s shared objectives.

At the Seoul Summit, the leaders will agree on a comprehensive policy action plan designed to lead the world toward strong, sustainable and balanced growth

3. Strengthening the International Financial Regulatory System

The G20 leaders have committed to strengthening the financial regulatory system both to sustain global growth and to prevent future crises. These efforts toward financial sector reform are largely geared toward restoring the industry’s integrity, transparency and accountability, thereby allowing it to regain the confidence of the general public.

According to the timeline created at the Pittsburgh Summit, more stringent international rules regarding bank capital and liquidity requirements will be created by the end of 2010. They will then be phased in as financial conditions improve and economic recovery is assured, with the aim of implementation by end-2012. In addition, the G20 tasked the Financial Stability Board (FSB) to develop capital and liquidity standards for systemically important financial institutions (SIFI) in order to prevent excessive risk taking. The G20 leaders also asked the FSB to suggest appropriate resolution tools to address the potential failures of SIFIs.

At the Toronto Summit, the G20 Leaders (i) affirmed their intention to reach agreement on a new capital framework by the Seoul Summit and (ii) called on the FSB to consider and develop concrete policy recommendations to deal with SIFIs by the Seoul Summit. In addition, the Leaders called on the FSB, the Basel Committee on Banking Supervision (BCBS)and other relevant organizations to report on the progress made, and new reforms required, in the areas of supervision, hedge funds, credit rating agencies and over-the-counter derivatives to the Finance Ministers and Central Bank Governors at their October meeting.

4. Modernizing the International Financial Institutions

“We called for an acceleration of the substantial work still needed for the IMF to complete the quota reform by the Seoul Summit and in parallel deliver on other governance reforms, in line with commitments made in Pittsburgh.” G20 Communique, June 26-27, 2010

<i>For the G20, the crisis has called into question the effectiveness of existing international financial institutions. In Toronto, the G20 Leaders reaffirmed the urgency of IMF reform and called for the reform to be completed by the Seoul Summit</i>.

Those reforms entail a shift in quota share to dynamic emerging market and developing countries of at least 5% from over-represented to under-represented countries. In addition, the Leaders committed to addressing the issue of the size of any increase in quotas, size and composition of the Executive Board, ways of enhancing the Board’s effectiveness, the Fund Governor’s involvement in the strategic oversight of the IMF, staff diversity, and a merit-based selection of heads and senior leadership of all IFIs.

Going forward, the IMF is expected to strengthen its ability to provide even-handed, candid and independent surveillance of the risks facing the global economy and the international financial system. Moreover, in collaboration with the FSB, it is expected to provide advance warning of macroeconomic and financial risks, and offer appropriate recommendations to head them off.

Meanwhile, the World Bank has already reached agreement on shifting 3.13% of voting power to developing and transition countries, delivering on its commitment to reach the agreement by April of this year.

Source : G-20

Comments:

International Currencies inthlak danglam lai tak hian Singapore-ah ka zinlai ani. Australian Dollar te chuan USD an tluk thuak thuak ta mai, Singapore Dollar ngei pawh a san ber lai ani, chutiangin Japanese Yen pawh ani. Hetia currency value USD aia a san tak vak avang hian Export lamah nasa takin harsatna heng an currency lo sang ram te hi a nghawnga. Hei vang hian Japan chuan an manufacturing base te ramdangah sawn rum rum a tum hial ani. An Yen a lo tlak hniam leh nan nasa takin ramdangah investment an tih phah bawk.

Chutih lai chuan China export dependent economy chuan an ram currency chu a tihniam lui tlat mai, hemi avang hian Chinese export market chu a pun phah hle thung. Heihi IMF kalphung kalh anih hmel. Indian Rupees erawh a sang ve hret na in a san dan percent erawh a ziaawm thung. Hetiang anih avang hian India Economy thang chho zelah India pawh hian nasa zawka ASEAN ram te nen in sumdawn tawn a mamawh/hlawkpui zual dawn ani. Hemi zar hi keini Zoram pawh hian kan zo ve theih nan, kan kalphung te kan thlak a nasa taka kan inpuahchah a hun hle mai.

Zoram hian Global market hi kan ngaihven phalo hle, mahse helam ngaihven pha tur leh a nghawng chhe lam nilo <strong>tha lam</strong> kan lo chan theih nan engtia hmalak tur nge tih hi beng sika ngaihtuah a hun ta hle mai. Chumi atan chuan –

1. Kan Education ah hian English hi nasa leh zuala kan uar a ngai. Official function pawh hi kan ti Mizo lutuk hei hian Global chu sawi loh India level-ah pawh kan zum zuk phah. Global level thleng phak turin inpuahchah a ngai. Primary level atangin kan tan that a ngai.
2. ITI level thiamna hi tha zawk changtlung zawk kan neih theih nan, nasa taka helampangah hian hmalak a tul. Trade chikim nei ila, a zirtirtu-ah Mizo kher i zawng lo ang u. Thiam taka Zofate min zirtir thei tur i dap ang u.
3. Diploma level zirna pawh hi tunai nasa hian tih changtlun a tul hle ani. Polytechnic teh Para Medical lam hi nasa zawka kan uar a ngai. Global level placement nei thei tur chuan English thiam bawk a tul leh fo. Heng Institution-ah te hian English class hi tih compulsory ngei ni sela, nasa zawka tan lak nise.
4. Zofate hi skilled leh unskilled work force te hi ramdangah chuan a taima leh thawk tha an ni zel mai. Hemi avang hian heng work force te hi foreign placement an hmuh theih nan, coaching centre te hawn nise, Placement agenciy te pawh Aizawl-ah ngei hian rintlak ho din tir ila a tha leh zual ang. International connection nei tha ho phei chu an office Aizawlah hian hawng turin sawm ni hial sela.
5. Kan ram kilkhawr tak hi a kilkhawr lo dawn mek. Chumi anih avang chuan kan <strong>Industrial Policy pawh hi change</strong> a ngai, chutiangin mipui kaldan leh hawiher pawh hi kan change ve zel a tul ang.
6. Export Import hi Zofate tan thil thar ani, hemi lama zir tur hian special scholarship pawh kan siam a hun ta hle.

I sawiho zel teh ang u.

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