G-15 summit cautions against negative impact of globalisation

G-15 summit cautions against negative impact of globalisation
PRESS TRUST OF INDIA

Cairo, June 19: Top leaders of G-15, including India, today began a summit warning against the pitfalls of rapid globalisation and demanding greater market access from developed countries and cushion against the negative fallouts of rapid economic reforms.

Inaugurating the tenth G-15 summit at the Itihiyad palace here, Egyptian President and chairman of the group Hosni Mubarak reflected the concerns of the developing countries by growing economic imbalances and instability in international monetary markets.

Stating that the current international economic trends do not help in achieving prosperity for the developing countries where the socio-economic conditions have deteriorated, Mubarak asked the developing countries to work together for a order characterised by fairness and democracy.

Vice-president Krishan Kant, addressing the summit as a representative of Asia, said speedy globalisation has aggravated inequities and marginalisation of developing countries from market-driven prosperity.

"It has exposed a basic disjunction between social goalsand an unfettered market, particularly short-term capital markets,'' he said.

Heads of state and governments from 17 countries are attending the two-day summit whose main theme is the `global development at the beginning of the 21st century.

Kant used the occasion to focus on the grave threat sposed by terrrorism to development and democracy and demanded the adoption of the resolution of UN convention against terrorism when the UN general assembly meets in September.

The vice-president said the recent Asian crisis illustrated the impact of premature and unprepared integration into the world economy on poverty, employment, social integration and basic social services.

Suggesting a higher level of dialogue between G-15 and G-8 countries on core issues like poverty alleviation, market access and global financial order, Kant said only such a move could work out solutions acceptable to both sides.

Nigerian President Olusegun Obasango said "our societies are overwhelmed by the strident consequences of globalisation and the phenomenon of trade liberalisation.

The member states of G-15 are India, Egypt, Algeria, Argentina, Brazil, Chile, Indonesia, Jamaica, Kenya, Malaysia, Mexico, Nigeria, Peru, Senegal, Sri Lanka, Venezuela and Zimbabwe.