Group of Five call for coordination in dealing with economic crisis, reforming int'l financial system

L'AQUILA, July 8 (Xinhua) -- The Group of Five (G5) including Brazil, China, India, Mexico and South Africa called for coordination in dealing with economic crisis and reforming the international financial system here Wednesday.

In a political declaration they said that the global economic crisis in its multiple dimensions, including social, employment and food and energy security risks, non traditional threats to security such as diseases and epidemics, as well as the challenges posed by climate change, underscore our fundamental interdependence and the imperative of enhancing cooperation to achieve equitable and sustainable development for all.

They said that the world needs a new global governance, the construction of which must be based on inclusive multilaterism. "In our evolving multi-polar world, the G5, as a positive platform that contributes to the promotion of the interests of developing countries, will continue to actively engage in jointly tackling global challenges," they said.

In the declaration, they stressed the need of addressing the global and financial crisis in an integrated manner, carefully considering its social and development impacts, as well as the long term requirements of stability and sustainability. "It is our conviction that efforts to address food security, energy security, and other issues of common concern to developing countries, should not be reduced because of the financial crisis," they emphasized.

On the contrary, "we must grab the crisis as an opportunity to reform the international economic system for the benefit of all, particularly the most vulnerable," said the G5 leaders, "as a first step, we call for the full implementation of the G20 London Summit Declaration without any delay."

At the global level, they said "we must swiftly strengthen macroeconomic policy coordination and adopt strong economic stimulus measures to restore market confidence, stabilize financial markets and promote world economic growth. Developed countries have a leading responsibility in this regard."

The G5 leaders also called for coordination in dealing with economic crisis and reforming the international financial system.

In the political declaration issued by them, the G5 leaders said they would continue to promote the reform of the international financial system in a comprehensive, balanced and result-oriented way, with the purpose of establishing a new international financial sector which is fair, just, inclusive and well-managed.