G8 and G5 leaders work for early agreement on trade

The Hindu , Friday, July 10, 2009
Correspondent : N. Ravi
L’Aquila, Italy: Leaders of the G8 industrial nations and the G5 developing countries at their summit in this mountain town north-east of Rome on Thursday called for an “ambitious and balanced conclusion” to the Doha Development Round of trade talks in 2010. The declaration wanted the negotiations to move forward, building on the progress already made and in a transparent manner. They instructed the Ministers in charge of negotiations to fill the gaps in the negotiations prior to the Pittsburgh summit of the G20.

The leaders stressed that the standstill commitments made at the London G20 summit must be adhered to and to refrain from introducing barriers to trade and investment. They asked the World Trade Organisation and other international bodies to monitor the situation and report publicly on adherence on a quarterly basis. They also committed themselves to refraining from competitive devaluations of the currencies and to a stable and well functioning international monetary system.

The declaration expressed the joint commitment of the G8 and G5 to implement rapidly the decisions taken at the Washington and London G20 summits, including those on providing additional resources to the international financial institutions. Noting the high social costs of the current economic crisis, the countries committed themselves to tackling the social dimensions, putting people first. They were modernising, reinforcing and increasing the efficiency of social protection policies, including safety nets, health and education.

The declaration committed the G8 and the G5 to “facilitating the development, dissemination and mutually agreed transfer of clean, low-carbon technologies, reducing carbon emissions and increasing energy efficiency.” The leaders reconfirmed their political will to reach a “comprehensive, fair, effective, agreed outcome, following the principles of common but differentiated responsibilities and respective capabilities” at the United Nations climate change conference in Copenhagen in December.

This is the first time in a G8 plus G5 summit that a joint declaration has been issued. The G8 and G5 nations decided to continue the dialogue process started in 2007 in Heiligendamm, Germany, and now renamed the Heiligendamm-L’Aquila Process (HAP). This dialogue process has been described as a partnership on an equal footing and a steering committee will prepare a report for the next G8 plus G5 summit in Muskoka.

The joint declaration said the G8 and the G5 countries were committed to advancing the reform process in international organisations, including the United Nations, “to reflect contemporary reality and challenges thus enhancing their relevance, legitimacy and efficiency.”

The HAP Steering Committee would examine coordinated approaches to strengthening the reform process.

 
SOURCE : Friday, July 10, 2009
 


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