G20 summit ends with watered-down statement

SEOUL - The Group of 20 summit in Seoul ended Friday with a joint statement that papered over the leaders’ main differences.

“We have produced specific and tangible results,” South Korean President Lee Myung Bak said at the close of the meetings of the world’s largest economies.

Despite the host’s talk of a “historic agreement”, the final communique was vague on specifics and delegated many details to future meetings.

On the most contentious issue, exchange rates, leaders agreed to “move toward more market-determined exchange rate systems” to reflect “underlying economic fundamentals”.

But any talk of “undervalued” currencies was dropped because of Chinese opposition.

For the first time, the G20 included development in its agenda with leaders committing themselves to a multiyear action plan aimed at boosting food security and bridging the gap between poor and rich nations.