Crisis needs global response: Zuma

9 July 2009

The financial crisis has crippled the social and economic development of less-developed countries and put the United Nations Millennium Development Goals at risk of never being reached, says South African President Jacob Zuma.

Speaking on Wednesday following a meeting of the G5 emerging countries – China, India, Brazil, South Africa and Mexico – on the sidelines of the G8 Summit taking place in L’Aquila, Italy, Zuma said a global response was required to combat the crisis.

He said the world was confronted by multiple crises that included the current economic crisis, food insecurity, energy scarcity, climate change, and the global spread of influence, and that Africa was often the worst victim.

“We are here because we believe that the challenges that affect the world today can only be resolved through peaceful cooperation, global dialogue and, most importantly, coordinated action.”

Global response required

These crises required a global response involving developed and developing countries in a partnership of cooperation and mutual respect.

“We recall the decision of G5 Foreign Ministers meeting at the UN General Assembly last year to deepen dialogue among member countries to enable a more effective response on these issues,” Zuma said.

He called for more worldwide measures to resolve the crisis, eliminating trade protectionism, finalising the Doha talks as soon as possible, and increasing assistance to developing and less-developed countries.

Mexican President Felipe Calderon said the emerging economies should play an even more important role in addressing the global issues. They should unite and strike consensus so as to help developing and less-developed countries better resolve the challenges of climate change and food security, he said.

Economic, financial reform

Brazilian President Luiz Inacio Lula da Silva said the G5 leaders’ meeting was an important platform on addressing economic and financial problems, adding that the G5 should make full play of the meeting to push the international community at large to better address the global financial crisis.

He appealed for tightening monitoring and regulation of international financial system and giving up trade protectionism, so as to drag the world economy out of crisis as soon as possible.

Indian Prime Minister Manmohan Singh told the meeting that the consensus reached at the G20 Summit in London should be implemented.

The global financial crisis was closely relevant with food crisis and energy crisis, Singh said, calling for worldwide cooperation to address the challenges that run across the globe.

Source: BuaNews-Xinhua