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G-15 braces up to safeguard developing economies

KUALA LUMPUR, Nov 4: The leaders of the G-15 developing countries today decided to play a ``catalytic and concrete'' role for an effective ...

Written by Press Trust Of India |
November 5, 1997

KUALA LUMPUR, Nov 4: The leaders of the G-15 developing countries today decided to play a “catalytic and concrete” role for an effective North-South dialogue on trade issues and globalisation efforts.

The leaders, during their retreat on the second day of the three-day summit laid special emphasis on strengthening the group to take up collectively with the Group of Seven (G-7) developed countries issues affecting the developing world, Indian Economic Relations Secretary, A N Ram told newspersons here.

He said during the retreat all leaders were agreed that G-15 should regularly hold inter-face talks with the G-7, particularly on trade issues and globalisation efforts and that the Group of 15 developing countries should meet more often than once a year for the summit.

The leaders felt that the group should meet at least at ministerial level frequently to exchange ideas.

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Lack of any proper forum for North-South dialogue came in the way of resolving several issues confronting the developing countries, and G-15 could become a spokesman for these countries, Ram said.

He said efforts to have such a dialogue can be deliberated upon in the inter-session meetings of the G-7 at various levels.

The seventh summit would conclude tomorrow with the adoption of a joint communique and chairman’s summary on the summit besides formally adopting a statement on the currency volatility.

Meanwhile the present chairman of the G-15, Malaysian Prime Minister Mahathir Moammed received a letter from G-7 Chairman, French President Jacuqes Chirac that he was “very much” in favour of a “stronger relationship between the two groups.”

“I am very much in favour of a stronger relationship between the two groups since the last few decades have created a rapid globalisation process.

Common challenges are being encountered by both developed and developing countries,” Chirac said.

“We share common global concerns in matters such as sustainable growth, fight against poverty and exclusion, preservation of the worldwide environment, modernisation of the role of the State in the economic and social sphere, stability of the international financial system,” he said.

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