India, Argentian welcome Pittsburgh statement on ways to end global meltdown

New Delhi, Oct.14 (ANI): Leaders of India and Argentina on Wednesday expressed deep concern over the international economic and financial crisis and agreed that the current situation demands restructuring of the international financial and monetary system so that it can become a truly efficient tool for the promotion of sustainable development that would contribute to the reduction of inequalities and promote social inclusion.

They underlined that the voice of emerging and developing economies, in the international financial and monetary system, should be heard in order to avoid new and potentially more calamitous crises in the future.

Both Argentine President Cristina Fernandez de Kirchner and Indian Prime Minister Manmohan Singh welcomed the Pittsburgh Summit Statement of September 2009 which recognizes the need for continued coordinated actions internationally for rebuilding confidence in the global economy.

Both said they would endeavor together with the other members to ensure the implementation of the decisions taken at the Washington, London and Pittsburgh Summits, particularly those referred to reduce poverty and implement the Millennium Development Goals.

They reaffirmed commitment on improving the regulation, transparency and integrity of financial markets, strengthening the healthy functioning of the financial system and safeguarding stability.

They emphasized the importance of strong commitment to reform of international financial institutions (IFIs) and recognized that greater involvement of leading emerging economies in international financial institutions will be crucial for their ultimate success.

Both sides recognized the strategic role played by the G-20 in promoting concerted and effective global actions towards sustainable recovery and expressed support of G-20's new role as the premier forum for international economic cooperation.

Both sides underlined the importance of successfully concluding multilateral negotiations at the WTO for an ambitious and balanced outcome, in line with the Doha Mandate and the principles guiding the negotiations with a thrust on addressing core developmental concerns.

Both sides recognized that negotiations must respect core Ministerial mandates such as Special and Differential treatment for developing countries, less than Full Reciprocity (LTFR) in tariff reduction commitments and a comparable level of ambition in Agriculture and Non Agriculture Market Access (NAMA).

Argentina and India remain committed to engage constructively for reaching a fair and balanced result in the Doha Round. They called on developed countries to show greater flexibility for resumption of negotiations to enable successful conclusion of the Round. (ANI)