Seoul, South Korea – British Prime Minister David Cameron accepted today that the G20 needed to do “a lot more work” to reach agreement on global economic imbalances.
But he stressed the importance of breaking down what he called “a wall of money in the East (and) a wall of debt in the West”, as well as “stopping protectionism in its tracks”.
The Group of 20 summit of leaders of emerging and advanced economies gets under way today and will be dominated by disagreements on trade imbalances between the United States on one side and others such as China and Germany.
On efforts to get a deal over the issue, Cameron told the BBC: “Whether we’ll go the whole way, which I hope we will, to have a better approach to dealing with this imbalance – that’s the big test, I accept, and there’s still a lot more work to be done there.”
Cameron also emphasised the importance of fighting protectionism, saying the G20 was about stopping any restriction to trade “in its tracks”.
The British premier held bilateral meetings with South Korean President Lee Myung-Bak and Russian President Dmitry Medvedev today, as well as attending Remembrance Day events linked to the Korean War.
He notably announced that he was accepting Medvedev’s invitation to make his first visit as prime minister to Russia next year, after years of frosty relations between London and Moscow.