G-20 had a vital role to play in India, Australia

Melbourne, Jan 20 (ANI): Noting that India and Australia have resilient and strongly performing economies, External Affairs Minister S.M. Krishna and his Australian counterpart Kevin Rudd on Thursday stressed that the G-20 had a vital role to play in working towards continued prosperity and stability in the global economy.

In a joint statement issued here, both ministers agreed that the recent reforms to the International Financial Institutions constituted a landmark achievement for the G20. hey further noted that India's participation in both the G20 and the United Nations Security Council (UNSC) in 2011-12 presented an opportunity for increased cooperation to meet global challenges.

They reiterated their intention to continue working together closely in the G20, the premier forum for international economic cooperation.

They also stressed the importance of an effective and comprehensive global response to climate change and noted India's key role in achieving a successful outcome at the Cancun conference of parties to the UN Framework Convention on Climate Change in December 2010.

They noted the significant capacity for enhanced regional cooperation, including through the East Asia Summit (EAS).

The ministers welcomed the recent admission of the United States and Russia into the EAS and looked forward to working together to strengthen the EAS agenda in 2011.

Both minsiters welcomed the decision to establish a Defence Policy Dialogue, the inaugural Talks of which were held in New Delhi in December 2010 and reiterated their strong support for nuclear non-proliferation and disarmament.

Krishna welcomed Australia's participation as an Observer in the South Asian Association for Regional Cooperation (SAARC) for the first time in 2010 at the Summit in Bhutan.

Rudd confirmed Australia's commitment to its engagement with South Asia and the Indian Ocean region and referred to the contribution Australia was making within SAARC, through a project to promote food security, better water usage and agricultural production. (ANI)