Leaders favour conversion of G-8 and G-5 into G-14
V S Chandrasekar/PTI / Italy Jul 10, 2009, 14:03 IST
In indications of broadbasing of global governance, suggestions have been made for converting the grouping of developed G-8 countries and the G-5 emerging economies into a G-14 as a summit of leaders from these nations have favoured reforms of institutions of international governance and finance.
Hosts of the summit and Italian President Silvio Berlusconi, in his opening remarks at the summit of the two groupings yesterday, suggested some sort of a G-14 saying the G-8 and G-5 represented about 80 per cent of the world and "we may consider this as a stable format of the future".
The idea caught on when Brazilian President Lula Da Silva also spoke of G-14 and the need to review entire global governance.
Invited by the then French President Mitterand for the first time in Avian, the 5 "outreach" countries of India, China, Brazil, South Africa and Mexico, representing vast populations and considering as major emerging economies, have been regularly attending summits with the exclusive club of industrialised and advanced countries on the sidelines of the G-8 summits.
Briefing the media, Foreign Secretary Shivshankar Menon said the leaders at the summit discussed global economic recovery and to fund resources to deal with the challenge of climate change and global warming.
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