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PM says will focus on global issues relating to economic crisis at G8-G5 summit

New Delhi, July 7 (ANI): Hours before his departure for the G8-G5 summit in Italy, Prime Minister Dr. Manmohan Singh today said he would project India’s views on major global issues relating to the world economic and financial crisis.

“During my visit, I will discuss several issues relating to the world economic and financial crisis and its impact on development, food and energy security, climate change, international trade negotiations and reform of international with G-8 leaders and those from outreach countries like China, Brazil, Mexico and South Africa,” Dr. Singh said.

“I will also participate in the meetings of the Major Economies Forum on trade matters and climate change, as well as a meeting on food security being organized by Italy with the participation of several African nations,” he added.

“The global financial and economic slowdown that we are witnessing is particularly detrimental for the development objectives of developing countries such as India. This has not been a crisis of our making, but we have had to bear its consequences. The slowdown in the advanced economies has affected our exports, strengthened protectionists sentiments and impacted credit and capital flows,” he said.

“We would, therefore, like to see a concerted and well-coordinated global response to address systemic failures and to stimulate the real economy. In the longer run, we would like to see a much higher level of stability and sustainability in the growth patterns of the developed world, and in international financial governance.” he said.

“The issues of food and energy security and climate change are closely interlinked. They have to be approached as a single undertaking if we are to give meaning to the concept of sustainable development,” he added.

About climate change, Dr. Singh said, “India will actively participate in the international negotiations on climate change within the framework of the United Nations Framework Convention on climate change and the Bali Action Plan.”

During his four-day visit, Dr. Singh is expected to meet US President Barack Obama and other world leaders.
Prior to the G-8 leaders meeting, he will attend a meeting of the G-5 group China, India, Brazil, Mexico and South Africa.

The summit will primarily focus on winding down expensive stimulus packages for recession-hit financial systems.

Besides the financial crisis, the summit will also discuss the issue of protectionism, food and energy security. (ANI)

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