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Don't become a loose forum: Chidambaram tells G-20

The FM asked G20 to be careful not to lose its relevance, as it has been expanding its agenda very fast

Nayanima Basu  |  New Delhi 

P Chidambaram

Finance Minister today asked G20 to be careful not to lose relevance as it is expanding its agenda very fast.

Adderssing a seminar on G20, organised by the Indian Council for Research on International Economic Relations (ICRIER) here, Chidambaram said the grouping should be cautious that it does not turn out to be a loose forum.

He said there are inherent challenges facing all the countries, but the grouping has not come out with specific country perspective.

As growth is crucial for emerging market economies, it is critical for members to find ways of cooperation. As such, agenda should be much sharper and reforms its top priority.

In St Petersburg, it was expected that major push would be given for investment in infrastructure, but the grouping merely adopted a work plan that was decided during the Los Cabos summit last year. "The opportunity was lost. We need to ensure that G-20 leaders decisions are carried out expeditiously."

He also hoped for successful conclusion of WTO negotiations at Bali in December. " We need to also wait and watch what happens during the Bali ministerial summit at WTO and we want urgent and successful conclusion."

He criticised "very slow and limited" progress on quota reforms in the International Monetary Fund. "Most advanced countries have shown reluctance in progress, hampering G-20 agenda."

First Published: Wed, September 18 2013. 10:42 IST