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‘The theme of the Seoul summit is “Shared Growth beyond the
Crisis”. Given the vast development challenges we face, it is in India’s
interest to have an open, stable and rule-based international economic
environment, whether in the field of trade, investment flows, technology
transfers or open markets,’ Prime Minister Manmohan Singh said in an early
morning statement today, before his departure to Seoul to attend the
fifth G-20 Summit.

Starting on November 11, the summit is scheduled for two
days.

The prime minister said he would encourage the G-20 to focus on
the ‘development agenda’, which is being introduced for the first time in
Seoul. ‘We must also give a thought to how we can leverage global imbalances to
bridge the infrastructure gap between rich and poor nations,’ Singh added.

Singh confirmed that the summit would also consider the new
Basel-III norms and look at issues of regulatory reforms of the financial
sector.

‘This is a key area of work, and we must guard against
complacency in the pursuit of a strong financial regulatory framework and
effective supervision,’ said Singh.