Premium
This is an archive article published on June 25, 2010

World has great hope from India,China

Given that most developed economies are fragile,there's high respect for the two big economies that are actually growing.

As world leaders are arriving in Toronto for the G8 and G20 summits,which get underway from Friday with focus on economic recovery and global development,the world has great hope from India and China.

India would renew its push for reforms at international financial institutions like the IMF,which would give it and other emerging economies a greater voting share and oppose a single global bank levy designed to insure against failing institutions,an IMF proposal backed by Germany and France at the G20 Summit.

The world,however,is expecting more from India.

Given that most developed economies are fragile,there’s high respect for the two big economies that are actually growing – India and China where growth seems robust.

Story continues below this ad

Given its current economic advantage,Dr. Bhausaheb Ubale,a noted economist,say this year’s G20 may present an opportunity for India to position itself as a global leader.

Prime Minister Manmohan Singh will arrive in Toronto on June 26 for G20 Summit where he will hold talks with his Canadian counterpart Stephen Harper and sign a bilateral civil nuclear cooperation agreement that would allow India to secure uranium,nuclear equipment and technology to meet its energy needs.

Both leaders would also hold talks on a host of bilateral,regional and multilateral issues,officials said.

Apart from cooperation in Civil Nuclear Energy,both countries expected to sign an MOU for Cooperation in Mining,an MOU for Cooperation in Higher Education,an MOU for Cooperation in Culture and a Social Security Agreement,official sources said.

Story continues below this ad

Singh’s delegation will include the Deputy-Chairman of the Planning Commission Montek Singh Ahluwalia,who is the G20 Sherpa from India.

In addition,there will be other senior officials attending as part of Prime Minister’s delegation including the National Security Advisor Shiv Shankar Menon and Foreign Secretary Nirupama Rao.

Canada has also invited Spain,Netherlands,Malawi (as Chair of the African Union),Ethiopia (which holds the Chair of NEPAD),and Vietnam (as the Chair country of ASEAN),to the G20 Summit.

In addition,the Secretary-General of the United Nations,the President of the World Bank,the Managing Director of the IMF,the Director-General of the WTO,heads of the ILO,the Financial Stability Board,etc.,are likely to be present.

Story continues below this ad

Prime Minister will arrive in Toronto on June 26th and has a very busy schedule. The G20 Summit starts with an Official Welcome and Reception followed by Working Dinner by the Prime Minister of Canada Stephen Harper which would attended by over 400 dignitaries.

The day’s programme concludes with a cultural event. On June 27,the programme includes the Summit Opening Plenary followed by other plenary sessions,a G20 Family Photograph,a leaders¿ working lunch,and finally the concluding Final Plenary in the afternoon.

South African President Jacob Zuma was among the first to arrive,followed by Nigerian President Goodluck Jonathan,one of several leaders from non G8-G20 countries invited to participate.

Chinese President Hu Jintao,who is taking part in a state visit in Ottawa,is also among those who will attend the G20 summit in Toronto – the heart of which is currently under virtual security lockdown ¿ on Saturday and Sunday.

Story continues below this ad

Prior to the G20,the members of the G8 – Canada,France,Germany,Italy,Japan,UK,US and Russia – are gathering in Huntsville,Ontario,a tiny resort community in the heart of Ontario cottage country,known for its natural beauty.

They’re expected to discuss peace,security,and maternal health,with an emphasis on proving how well they can keep their promises.

The official welcome from Prime Minister Stephen Harper will take place just before noon Friday at the posh Deerhurst Resort.

Once back in Toronto,the larger G20 gathering will wrestle with weighty economic issues like how to control ballooning deficits,stabilise banks and open up the wallets of Asian consumers ¿ with Harper pushing for tighter spending for the next 10 years.

Story continues below this ad

On one hand,hundreds of supporters lined the road cheering support for the Chinese president. On the other,a crowd of protestors voiced their displeasure with China’s human rights record.

Hu’s arrival coincides with a storm of controversy sparked by allegations that some provincial politicians are being influenced by foreign governments including,principally,China.

Although the official nature of his visit to Ottawa has drawn the spotlight to Hu’s arrival in the capital,he is not the first leader to arrive in Canada.

French President Nicolas Sarkozy,fresh from meeting with his country’s disgraced World Cup football team,has already arrived.

Story continues below this ad

British Prime Minister David Cameron,who is making his international summit debut this week,will first touchdown in Halifax,Nova Scotia,to take part in Canadian Navy centennial celebrations before flying to Toronto on Friday.

Russian President Dimitry Medvedev is in Washington for an official meeting with his US counterpart President Barack Obama before heading north later in the week.

Medvedev,Cameron and Sarkozy will join Obama,German Chancellor Angela Merkel,Italian PM Silvio Berlusconi and Japanese PM Naoto Kan for the G8 summit in Huntsville on Friday.

Latest Comment
Post Comment
Read Comments
Advertisement
Advertisement
Advertisement
Advertisement