G-15 calls for rectifying imbalance in World Economy
Regional, Economics, 6/2/2001

Leaders of the G-15 member states Thursday called upon the world community to take prompt action to rectify aspects of inequality marring the world economy in order to enable the developing countries finance their development strategies.

In a final communique released at the end of their 11th summit, the leader warned of what they described as grave consequences of delay in rectifying the present international financial system.

They said that top priority must be given to measures required to be taken by both the public and private sectors in order to prevent financial crisis in future.

The communique underlined the importance of forging partnership and constructive and fair cooperation between the developed and the developing nations with a view to rectifying the international financial system-in a way that guarantees the interests of all the developing countries.

The leaders welcomed Malaysia's proposal for holding a meeting of the G-15 experts to study issues related to the world financial system so as to reach a compromise on these issues.

We note with apprehension the danger posed to public health and the environment arising from the use of Depleted Uranium (DU) ammunition in conflicts. situations. We therefore call on all parties in conflict situations to refrain from using these weapons".

We recognize the increasing inter-dependence among countries and the emergent challenges of globalization that require effective north-south dialogue on international development cooperation towards alleviating the systems problems confronting developing countries.

The spirit of partnership and common but differentiated responsibilities should underpin developing countries in the areas of international trade and finance, the transfer of technology as well as bridging the digital gap.

"We continue to recognize the threat posed by terrorism to the territorial integrity of countries, democratic institutions, economic growth and development as well as international peace and stability."

"Capital flows to many developing countries continue to be insufficient with a view to attracting higher levels of foreign investment flows.

We therefore call for a pro-active approach to effective public and private partnerships in order to facilitate increase levels of resource flows to developing countries and, most particularly to the poor countries.

We also call upon foreign investors to ensure that their activities take into account the development objectives of their host countries."

External capital flows, including Foreign Direct Investment (FDI) and Official Development Assistance (ODA), for development remain a critical means for most of the developing countries to generate sustained economic growth and sustainable development."

In welcoming Colombian and the Islamic republic of Iran as new members of the group of fifteen, we express the conviction that both countries will make significant contributions towards furthering the attainment of the objectives of the group.

We express our deepest appreciation to Indonesian for its able and effective leadership of our group during its chairmanship."

We welcome with appreciation the generous offers by the government of Venezuela to host the twelfth summit of the G-15 in the year 2002 and of Algeria to host the thirteenth summit in the year 2003.

We look forward to our next meeting in Caracas and subsequently in Algiers.

Previous Stories:
  G-15 calls for prompt action to rectify aspects of inequality   (5/31/2001)
  Mubarak: Integration by developing economies into the new global system, a must   (5/30/2001)
  WTO should serve 3rd world interests   (5/28/2001)

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