G5 nations concerned with world economy

L'AQUILA, Italy, July 8 (Xinhua) -- The Group of Five (G5) major developing nations said here on Wednesday that the successful conclusion of the Doha Round trade talks would be conducive to restore market confidence, urging to address legitimate aspirations of the developing countries.

The leaders of China, India, Mexico, Brazil and South Africa voiced their worry in a declaration on trade after a two-hour meeting on the sideline of the Group of Eight (G8) summit in the Central Italian city.

"We are concerned with the present state of the world economy, which submits the developing countries to an inordinate burden resulting from a crisis they did not initiate," the statement said.

"We are convinced that the successful conclusion of the Doha Round on the basis of its development mandate will provide a major stimulus to the restoration of confidence in world markets and inhibit emerging protectionist trends, which are particularly damaging to developing countries."

They urged for a role played by strengthened multilateral trading system in promoting development and reducing poverty.

"The full integration of developing countries in world trade requires a fair, equitable and development-friendly multilateral trading system," the statement said.

"The Doha Development Round must deliver real and improved market access to developing country products and services and also ensure meaningful results where the greatest distortions lie, eliminating export subsidies and bringing down the massive trade-distorting subsidies in developed countries," it added.

"The objective must be to ensure that the rules-based multilateral trading system is fair, equitable and addresses the legitimate aspirations of the developing countries."

They urged to complete the "final stage of negotiations," saying that the only way to achieve this in the foreseeable future "is by upholding the mandates negotiated over the last seven years."

The conclusion of the modalities in agriculture and non-agricultural market access (NAMA) continues to be a necessary step in the talks, the leaders said.

"The December 2008 draft Agriculture and NAMA texts must be completed in line with the development mandate and their overall balance must be preserved, as they offer the only prospect for a timely conclusion of the round," the document said.