India,Equador call for greater inclusivity to resolve fin crisis

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New Delhi, Nov 17 (UNI) India and Equador today stressed the need for greater inclusivity in any international financial structure that would be formed post G-20 meeting in Washington, to ensure that growth prospects of developing cuntries did not suffer and protectionist tendencies were avoided.

The two countries also agreed to negotiate an Agreement on Bilateral Investment Protection and Promotion (BIPP) followed by an Agreement on Avoidance of Double Taxation.

The decisions were taken at a meeting between External Affairs Minister Pranab Mukherjee and his Equadorian counterpart Ms Maria Isabel Salvador Crespo who concluded a two-day official visit to India today.

A Joint Communique issued after the conclusion of the visit, said India had expressed appreciation at the decision of the Equador government to allow visa-free entry into Equador for Indian and other foreign nationals for a stay upto 90 days for business and tourism purposes.

Both sides expressed satisfaction at the formal implementation of visa exemption arrangements for holders of diplomatic and official passports of both countries.

During the visit, the two countries also signed an MoU on Agricultural Research and Education and of the Cultural Exchange Programme for 2009-11. While the former agreement would facilitate interaction between agricultural scientists and research institutions in key agricultural sectors, the latter would strengthen cultural and people-to-people linkages between the two countries.

India expressed appreciation for the decision of Equador to purchase seven Advanced Light Helicopters from HAL India and welcomed the decision of Equador to appoint a Defence Attache in New Delhi.

Both sides agreed to finalise MoU on Defence Cooperation and promote and develop cooperation through exchange of experts and finalisation of necessary agreements in hydrocarbons and mining.

Calling for coordinated action and 'zero tolerance' against terrorism, the two sides agreed to work together for the early conclusion of the Comprehensive Convention against International Terrorism (CCIT).

They called for greater international efforts to address the challenge of food shortage and said the UN system entities needed to give greater attention to an optimum mix of policies that support agriculture, promote balanced and sustainable use of renewable energy and ensure transfer of technologies to developing countries.

Both sides called for rule-based, transparent and fair multilateral trade regime and said developed countries would need to address the market distortions created by their provision of substantial subsidies to agriculture.

They said climate change should not become an excuse to add a greater burden or impose conditionalities on developing countries and negotiations on the issue must be based on the principle of common but differentiated responsibilities and respective capabilities.

The two sides reiterated their commitment to South-South Cooperation and to strengthen the Non-Aligned Movement.


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