Opening of the 7th G-20 Leaders Summit

On June 18, the 7th Summit of Leaders of the Group of 20 Developed and Emerging Economies (G-20) opened in the coastal resort of Los Cabos, Mexico.

Host Mexican President Felipe Calderon delivered a welcoming speech to G-20 leaders at the convention center in San Jose del Cabo, opening the two-day summit.

At this conference, representatives of 20 economies accounting for 80% of the world's total economic output will prioritize discussions on promoting growth and creating jobs in the context of the global economy suffering negative impacts from the European public debt crisis.

Mexican President Felipe Calderon welcomes G-20 leaders on the opening day of the summit. (Source: Getty Images)

At the Los Cabos meeting, G-20 leaders will also affirm the doubling of the capital of the International Monetary Fund through an additional $430 billion loan to the financial institution.

Before the G-20 summit opened, heads of state of the BRICS group (Brazil, Russia, India, China and South Africa) met in advance to exchange opinions and agree on key economic-financial and international issues.

The BRICS meeting was initiated by India, the country holding the rotating presidency of the group, and will become a "tradition" like the meeting to unify similar views of the group within the framework of the G-20 conference in November 2011 in Cannes (France).

This time, the heads of state of the BRICS Group discussed the situation in the Eurozone, issues of reform of the International Monetary Fund (IMF) and the development prospects of the G-20.

The G-20 leaders are expected to adopt the Los Cabos Action Plan at the end of the conference, pledging to promote economic growth and employment, increase investment in infrastructure and promote trade while still affirming their determination to reduce the budget deficit./.

According to (TTXVN) - DT