'Industrialised nations must avoid protectionism'

Posted By: Staff
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L'Aquila, Jul 9: The G5 countries are putting forth strong arguments in the G8 summit that started off on Wednesday, Jul 8. The Group of Five (G5) major developing countries asked the developed nations to provide financial aid to poor countries so that they can deal with the climate change and the global economic slump.

The countries comprising of India, China, Brazil, Mexico and South Africa prvided a joint political statement that read, "We urge developed countries to assist the developing countries that are particularly vulnerable to the adverse effects of climate change in meeting costs of adaptation."

Maintaining the same stance, the Indian Prime Minister emphasised on the importance of financial inflow to the Developing nations and urged the Group of eight (G8) industrialised countries to avoid protectionist measures.

He added that it was the developing countries which are worst affected by global slowdown, climate change and the food crisis.

Before leaving to the summit, Dr Singh had said that the developed countries must take 'historical responsibility' for the crises that the world was facing today.

OneIndia News

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