Business Standard
Sunday, Nov 22, 2009
 
drived banner
drived banner
  Advanced Search
Feedback | RSS
Content Guide
Follow us on  
||||Economy & Policy||||| 
 Section Home | News Now | Today's Paper | Features & Analysis | Politics & Public Affairs | Q&A | Columnists | BS Says
Home > Economy & Policy Live Markets | Smart Portfolios II
  Search:

Economic crisis, reforms to dominate G8-G5 meet
V S Chandrasekar/PTI / Italy July 8, 2009, 14:55 IST

Steps for recovery of the global economy affected by the downturn and reforms of the international financial architecture will dominate discussions at the summit of G-8 leaders with those of the G-5 'outreach' countries, including Prime Minister Manmohan Singh, here tomorrow.

The leaders of major economies will also discuss crucial matters relating to international trade and issues of climate change ahead of the Copenhagen summit next year.

First the leaders of the G-5 outreach countries, including India, China, South Africa, Brazil and Mexico, which is heading the grouping now, will have a meeting.

There will be a joint statement at the end of the meeting and the G-5 leaders will carry forward the discussions with the G-8 leaders tomorrow.

G-8 comprises the US, Britain, Germany, Japan, France, Russia, Canada and Italy which is hosting the summit.

Only three months ago leaders of G-20 met in London and decided on measures including injection of trillions of dollars to pump prime the global economy.

Tomorrow's meeting will review the progress in this regard.

Indian officials point out that the meetings in Italy are not a negotiating forum either on WTO issues or those relating to climate change.

India would also put forth its views on restructuring international financial institutions and UN Security Council to democratise its functioning.

On Prime Minister's article that G-8 and G-5 were not a cohesive grouping and does not have UN sanction, officials said he would put forth views of major economies like restructuring international financial architecture and international organisations.

In an article in the compendium on contemporary global issues brought out for the summit, Singh has said India will strive for the reform of the UN to make it more democratic.

Singh called for significant reforms of international financial institutions to address global problems and asserted that India would seek its due place in such institutions.

Singh, who will be meeting US President Barack Obama and other world leaders here, said these institutions need to reform decision-making and ensure effective delivery to adequately reflect ground realities.

Before leaving for Italy, Singh said the economic slowdown needed to be dealt with by a concerted and well-coordinated global response addressing systemic failures and stimulating the real economy.

"The slowdown in the advanced economies has affected our exports, strengthened protectionist sentiments and impacted credit and capital flows. We would, therefore, like to see a concerted and well-coordinated global response to address systemic failures and to stimulate the real economy," he had said in his departure statement.

Arrow Other Stories     
- Sensex makes remarkable recovery, regains 17K
- L N Mittal doubles his stake in Ophir Energy
- Indian handicraft firms to participate in Munich fair
- Microsoft eyes Indian smartphone mkt
- RIL Hazira unit bags 'Excellent Energy Efficient Unit Award'
More  
  Read Business news in 
  Get financial advisory and solutions for your projects
  Holidays starting at a delightful EMI of Rs 3481
  Switch on and say hello to Monday morning !
  Your dream home can now be a reality.
  Visit Fortis for a preventive health check-up & get a 20% discount.
  Follow the ups and downs of your investments. Try our new Portfolio Tracker
  Kolkata Dock \ Freight contract for the British Gurkhas Nepal
  Find how Midsize Businesses use ERP to gain competitive advantage
  Trading in Forex is now as easy as 1-2-3
  Discover an economical and cost effective way to market your products and services
  Giftwithlove.com: Same day delivery of Flowers and Cakes to India
  Download the E-book on the Future of Business Intelligence
  Learn Best Practices for improving customer satisfaction
  Know your customers better... download the free e-book on CRM
   Discussion Board / User Comments    
Display Name  Email-Id  
Post your comment
Most Popular
Read
E-Mailed
Commented
   
- Kurbaan could be Karan Johar's first flop
- Ambani Jr, Brad Pitt join hands for sci-fi film
- HAL to invest Rs 25,000 cr in next 10 years
- We are not trying for a monopoly: HAL chairman
- A golden lining seen in silver prices
 
 More  
BS Poll
Cast Your Vote
 
   
 
Should India's defence sector be thrown open to foreign investments?
  Yes  No
Submit

  Hot Searches  
 
Amitabh Bachchan | N Chandrasekaran | Swine Flu | Mukesh Ambani | Anil Ambani | TCS | Infosys |  Air India |  Duronto |  Pranab Mukherjee | Sonia Gandhi | Congress | Rahul Gandhi |  Bigg Boss |  New Pension Scheme |  Service tax |  Excise duty |  Sebi | Tech Mahindra |  Ramalinga Raju |  Satyam |  Reliance  |  RBI |  GDP |  Gold |  Ratan Tata |  ICICI |  |  B-School | DLF  Sensex |  Tax calculator | Home Loan  | Bollywood | Personal Finance |  inflation | oil prices |  World Bank | Reliance Infratel |  HDFC |  Barack Obama  
 
  Member Area Write to the Editor RSS Archives Advanced Search
  Subscribe to BS print product BS e-paper Newsletter Portfolio Tracker
  BS Products BS Hindi BS Motoring
FOR HOT PRODUCTS
BS Bazaar.com
Home | Markets & Investing | Companies & Industry | Banking & Finance | Economy & Policy | Opinion
Life & Leisure | Management & Marketing | Tech World
About Us | Partner With Us | Code of Conduct | Careers | Advertise with us| Terms & Conditions | Disclaimer | Site Map | Contact Us | Feedback