At G-15, India calls for reforming international economic order

Tehran, May 17 (ANI): India on Monday gave a strong call for reforming the international economic order, urging G-15 summit members in Iranian capital Tehran to work closely for a “balanced” outcome in the Doha Round of the World Trade Organisation (WTO) negotiations.isiting Indian External Affairs Minister S. M. Krishna said: “We need to continue reform of the international financial institutions to make them more inclusive. We also must work for ensuring a balanced outcome of the Doha Round which addresses the concerns of the developing countries.”

He also emphasized that since the establishment of the G -15, the developing world has made collective efforts to inject issues of interest to developing countries into the global agenda and to seek outcomes in its favour.

Countries like India and Brazil of the G-15 group are also the part of G-20 forum.We should make it an effective platform not only from the point of view of South-South Cooperation, but equally importantly, for policy articulation in the global discourse in areas of trade,money and finance, equitable development, food, and energy security, climate change and other issues of common concern for our people,” said Krishna.

Krishna, however, cautioned that “it may appear that the immediate global economic and financial crisis is behind us, but it was early to say if the world was on a long term recovery path.”e stressed on the need for stable capital flows to developing markets, appropriate macro-economic adjustments and avoiding complacency in the area of financial sector reforms.ollowing the address, Krishna had a 25-minute-long bilateral interaction with his Iranian counterpart Manouchehr Mottaki, during which, both leaders said they were looking forward to the holding a meeting of the Indo-Iranian Joint Commission.

They also exchanged views on the global economy and the financial situation. rishna also met his Venezuelan counterpart Nicolas Maduro Moros and expressed his appreciation for the awarding of the Carabobo Oil Bloc to a consortium led by ONGC OVL. oros invited Krishna to visit his country, which was accepted.

In overall terms, the 14th G-15 Summit concluded in Tehran today with a call for improving South-South cooperation to achieve global equality and help member states realize their full potential and enhance the bargaining power of the group viz-a-vis developed countries.

The occasion saw the chairmanship of the group pass onto Sri Lanka with its President Mahinda Rajapaksa calling for a stronger unity among its members, which if complimented by the rich diversity among the members, would help the grouping achieve objectives such as universal access to health care and education.

The G-15 is a group of 17 developing countries from Asia, Africa, and Latin America set up on the basis of South- South cooperation. The group also includes one of the fastest growing economies like India, Brazil, Iran and Venezuela. By Naveen Kapoor(ANI)