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Birmingham Chamber of Commerce and Industry

July 15th, 2009

Indian Troops parade at the Bastile Day celebrations on July 14th

G8-G5 agree on global economic crisis, institutional reforms

Prime Minister Dr. Manmohan Singh with G-8 and G-5 leaders

Even as they jointly declared to conclude the Doha development round on trade talks by 2010, the world's most wealthy and industrialised countries or G8 have agreed to the demands of the emerging economies to strengthen financial regulation and reform international financial and other institutions. "We are committed to seeking an ambitious and balanced conclusion to the Doha Development Round in 2010, consistent with its mandate, building on the progress already made, including with regard to modalities," the joint declaration issued on July 9 said.

Highlights of the Declaration

  • We express our solidarity with the victims and their families that were affected last April by the earthquake in L'Aquila.
  • The global economic crisis in its multiple dimensions, including social, employment and food and energy security risks, non traditional threats to security such as diseases and epidemics, as well as the challenges posed by climate change, underscore our fundamental interdependence and the imperative of enhancing cooperation to achieve equitable and sustainable development for all.
  • The world needs a new global governance, the construction of which must be based on inclusive multilateralism. In our evolving multi-polar world, the G5, as a positive platform that contributes to the promotion of the interests of developing countries, will continue to actively engage in jointly tackling global challenges.
  • The recent outbreak of influenza A(H1N1), along with its rapid spread to various countries all around the world, has further underscored the growing interconnection among people and countries. We will continue monitoring the development of this epidemic and facing it on the basis of constructive dialogue and cooperation.
  • Collectively, at the G-20 Summit held in London last April, we stressed the need of addressing the global and financial crisis in an integrated manner, carefully considering its social and developmental impacts, as well as the long term requirements of stability and sustainability. It is our conviction that efforts to address food security, energy security and other issues of common concern to developing countries, should not be reduced because of the financial crisis. On the contrary, we must grab the crisis as an opportunity to reform the international economic system for the benefit of all, particularly the most vulnerable. As a first step, we call for the full implementation of the G-20 London Summit Declaration without any delay.
  • At the global level, we must swiftly strengthen macroeconomic policy coordination and adopt strong economic stimulus measures to restore market confidence, stabilise financial markets and promote world economic growth. Developed countries have a leading responsibility in this regard.
  • The G5 will continue to promote the reform of the international financial system in a comprehensive, balanced and result-oriented way, with the purpose of establishing a new international financial order which is fair, just, inclusive and well-managed. In particular, we pledge to devote appropriate efforts to fundamentally resolving the issue of under-representation and inadequate voice of developing countries in international financial institutions, which is urgently needed. Towards this end, the G5 will collaborate with other world leaders. In this light, we welcome the outcome document adopted by the United Nations Conference on the World Financial and Economic Crisis and its Impact on Development.
  • The promotion of equitable and sustainable

Continues on Page 2


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