India, EU welcome Seoul pact on IMF reform

BRUSSELS - Leaders of India and the European Union (EU) on Friday welcomed the agreement on reform in the International Monetary Fund (IMF) reached at Seoul, which they hoped would strengthen the legitimacy of the IMF and increase the involvement of emerging economies in global economic governance.

A joint statement issued on behalf of the two sides taking part in the 11th EU-India Summit here, also said that the leaders welcomed the commitments made at the G-20 Seoul Summit to promptly bring the Doha Development Round to an ambitious, comprehensive and balanced conclusion in 2011, consistent with the mandate of the Doha Development Round and built on the progress already achieved.

Both sides also reaffirmed their commitment to resist all forms of protectionist measures and their determination to contribute positively to address the issue of global imbalances.

They said the Seoul agreement would set the base for closer coordination and assessing on imbalances at the global level and they called on the G20 to make rapid progress in the course of 2011 on the implementation of this process. By Smita Prakash (ANI)