G-15 Draft On Monetary Issues

A draft joint communique to be adopted at the conclusion of the sixth summit of the G-15 countries here today said there was need for urgent decisions to deal with emergency situations that threaten prospects of sustainable development of Third World countries as well as the effective functioning of financial institutions. Dealing with issues relating to the World Trading Organisation (WTO), the draft urged for universality of membership of this world body to strengthen credibility of the multilateral system. Acceding to the draft, WTO remains a challenge to some countries, the achievement of which could enhance the collective impact of developing countries within the international trading system, it said.