G-5 calls for stable global financial system

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Sapporo, Japan, Jul 8 (UNI) With India describing five Outreach countries at the G-8 summit as G-5, the Group of Five today issued a "Political Declaration" calling for a stable and orderly international financial system, food and energy security and urged the international community to promote sustainable consumption patterns.

Comprising what Foriegn Secretary Shivshankar Menon said 42 per cent of the world's population, 12 per cent of the global GDP and contributing 16 per cent of peace keepers, the joint declaration by leaders of Brazil, China, India, Mexico and South Africa reaffirmed the role of South-South cooperation and in taking forward the G-8-G-5 dialogue to the mutual benefit of the North and South.

Briefing the media on Prime Minister Manmohan Singh's day-long enggements here on the eve of G-8 multilateral with G-5 tomorrow, Mr Menon said the Prime Minister during his meeting with the UN Secretary General Ban ki-Moon discussed the United Nations mandate in Nepal of which the first part of election has been completed and second regarding surrender of arms by the Maoists to the UN is still incomplete.

During his bilateral with Chinese President Hu Jintao, the Prime Minister, he said, pointed to rapidly developing trade relations with the two-way trade having touched 24 billion dollars in first five months of 2008, an increase of 74 per cent over the year-ago period. Mr Hu, he said, assured of Chinese cooperation to India in the field of civil nuclear energy. The two leaders, while discussing the boundary dispute, reiterated the need to maintain peace and tranquility in border areas.

The Prime Minister, during his interaction with the Mexican President Felipe Calderon, shared mutual concerns over the sharp spike in prices of fuel and food and financial imbalance affecting the world economy.While acknowledging Mexico's help to India in its green revolution, the Prime Minister said world leaders should focus their attention on agriculture to avert a food crisis.

Dr Singh, Mr Menon said, during his meeting with the South Korean President Lee Myung-Bak noted that 40 per cent of its energy needs were met by nuclear generation. The Prime Minister accepted the President's invitation to visit South Korea with which India has robust economic relations.

The Brazilian President Luiz Inacio Lula Da Silva also invited the Prime Minister to visit the South American country.

Mr Menon said during G-5, Mexico put up an interesting proposal to set up Green Fund to tide over food crisis, while Dr Singh called for world's focus on it with the same vigour it had demonstrated during the oil price shocks in 1973 and 1979. These common sentiments, which Mr Menon said, came up during the G-5 meeting will be taken up with the G-8 nations tomorrow.

On French President Nicholas Sarkozy's call for expanding G-8 to G-13 by including O-5 into its core, Mr Menon said there is no offer by the G-8 and it is for them to decide.


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