Tony Blair vows for a coordinated effort to tackle global meltdown

New Delhi, Nov 22 : Former British prime minister Tony Blair vowed for a coordinated effort to deal with present global economic crisis, here on Saturday.

Blair was addressing a news conference on the sidelines of a leadership summit in New Delhi today.

" I think very much what would require in terms of the economies is not to engage about being protectionism so I very much hope that we would have a situation when people realize is what we need is the world opening up to each other rather closing down. Personally I think if governments are able to agree and you trade around, it would kind of send signal to the world that we would be going to engage in a set of policies that I think is very important...we could see them," said Blair.

The turmoil has shaken financial markets worldwide, disrupted channels of credit between banks and industry, and pushed some major economies into recession.

Earlier this month, G-20 leaders from major industrialised and developing nations pledged steps to rescue the global economy from the worst financial crisis in over 70 years.

The plan forged at the summit included short-term action such as fiscal stimulus to boost domestic demand, aiming to restart world trade talks, and expanding a financial stability forum to emerging economies.

G-20 leaders also agreed on longer-term steps, such as reforming the International Monetary Fund, with finance ministers set to work on specifics by March 31, ahead of another summit in April.

Indian authorities are struggling to shore up growth against the impact of the crisis and have taken a host of steps including sharp rate cuts to fend off damage to the broader economy.

New Delhi says despite an adverse international environment India had the capacity to sustain a growth rate of about eight per cent.

ANI