PM to leave Wednesday for US to attend G20 Summit

Last Updated: Tuesday, September 22, 2009 - 09:59

New Delhi: Prime Minister Manmohan Singh
leaves here Wednesday on a four-day US visit where he will attend
the G20 summit which will discuss the need to
strengthen rules governing financial markets and steps to
quicken the global economic recovery from its worst crisis.

Accompanied by Planning Commission Deputy Chairman
Montek Singh Ahluwalia and National Security Adviser MK
Narayanan among others, the Prime Minister will be in
Pittsburgh at the summit hosted by President Barack Obama on
September 24-25.

Heads of governments of G8 countries along with those
of emerging economies like India, Brazil and South Africa
representing 90 per cent of the global GDP, 80 per cent of
world trade and two-thirds of humanity will discuss how to
expedite the revival process amid signs of green shoots of
recovery.

The summit, third of its kind since the financial
crisis began last September, will review implementation of the
measures decided at the previous summits -- Washington (2008)
and London (April, 2009) -- where it was decided to pump in
USD 1.1 trillion for revival of the emerging market economies.

Though the Summit is not a negotiating forum, the
issue of climate change is expected to figure in a big way
among the leaders as nations prepare themselves for the
Copenhagen Summit sponsored by the UN in December this year.

India strongly favours differentiated responsibility
placing more burden on the advanced countries for the carbon
emissions over decades and fund technological innovations to
help poor and emerging countries.

The basic groundwork for the Pittsburgh Summit was
made at the meeting of the G20 Finance Ministers and Central
Bank Governors early this month in London which decided they
will work to achieve high, stable and sustainable growth.

That would require orderly re-balancing in global
trade, removal of domestic barriers and promotion of efficient
functioning of global markets.

India is expected to utilise the opportunity to press
for changes in the international financial architecture
through reforms of the global financial institutions like the
IMF and World Bank so that the voice of poor and emerging
economies get heard.

The Prime Minister is also expected to voice the
demand for reforms of international governance by seeking
reforms of institutions like the United Nations Security
Council so that countries like India can get a permanent seat
in the powerful panel.

Obama has already made his plans clear when he said he
would work with G20 leaders to strengthen the rules governing
financial markets and ensure that the global economic crisis
that engulfed the world just a year ago does not happen again.

"We cannot allow the thirst for reckless schemes that
produce quick profits and fat executive bonuses to override
the security of our entire financial system and leave
taxpayers on the hook for cleaning up the mess," Obama had
said.

He said the world`s leading economies had made
progress in stabilising the global financial system but much
work remained to create jobs and growth.

At the Summit, India will oppose all types of
protectionism in trade and financial inflows to developing
countries resisting any temptation to resort to barriers.

The summit is also likely to take a long-term view of
the economy and review impact of the measures already adopted
before proceeding cautiously about the future.

The gathering is expected to send a strong political
message on the crucial issue of climate change negotiations in
the Copenhagen summit under the UN Framework Convention on
Climate Change (UNFCCC).

The Prime Minister will arrive on September 24 in
Pittsburgh where he will attend a reception and dinner by
Obama on the same day. The next day, there will be a summit
plenary and a lunch which will attended by world leaders.

He will leave Pittsburgh on September 25. Singh will
also be interacting with other heads of government and hold
bilateral meeting with some of them.

Bureau Report



First Published: Tuesday, September 22, 2009 - 09:59

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