What We’re Reading: G20 Recap And Next Steps
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On Saturday, world leaders pledged to shore up global growth, avoid protectionism and move quickly on regulatory reform. Presenting a united front, leaders from both developed and developing nations promised to take “whatever further actions are necessary to stabilize the financial system” and vowed to “use fiscal measures to stimulate domestic demand to rapid effect, as appropriate”. World leaders also pledged to ensure that developing nations caught up in the crisis have access to dollar finance. They said they would review the resources available to the IMF and other institutions.
Trade negotiators will step up work for a new global pact following a call from the weekend’s G20 summit, but have not agreed on a date for ministers to come to Geneva to seek a breakthrough, diplomats said on Monday. A meeting of about 30 key WTO ambassadors agreed negotiators must still narrow the gap on a range of technical issues before trade ministers can follow up that clear political signal with any chance of success.
As they attended this weekend’s summit, one by one, the leaders of big emerging economies made a single point again and again: no longer will the world’s financial rules be set just by a club of rich countries. That the summit was of the group of 20 emerging and industrialized countries, not the G7 or G8, was itself an indication of the shift in power – as was the fact that the future meetings in the process will also occur in the G20 format. Moreover, the summit agreed to throw open to emerging economies the membership of all the key groups that frame the rules of global finance. “We are talking about the G20 because the G8 doesn’t have any more reason to exist,” said Luiz Inácio Lula da Silva, Brazil’s president. “In other words, the emerging economies have to be taken into consideration in today’s globalised world.”
G20 leaders insisted the call for a breakthrough by year-end in the troubled Doha round of trade talks represented real progress, but gave no signs of specific concessions needed to reach a deal. The summit is the latest in a long string of heads of government meetings to promise prompt action on Doha. The G20 agreed not to impose new protectionist measures for the next 12 months. Officials believe there are signs of movement to resolve the dispute between India and the US over agriculture, the sticking point when the previous meeting of trade ministers collapsed in July.
-Chandler Smith & Steve Wilson
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January 19, 2009 at 8:53 pm
I appreciate Bono speaking out on behalf of the worlds poor and sick. Don’t forget that the number one question asked Obama was “Will you legalize marijuana?”. Think about the benefits that medical cannabis can have on the millions of suffering Africans. I am very disturbed when I hear that UN Police are using international aid money to persecute cannabis growers in Africa and destroy such an important beneficial crop. Bono has enormous influence on UN leaders, and some of the world’s most powerful people. Please don’t think for a moment that by removing cannabis the UN is in any way helping the poor people of Africa or any other continent. This is a grave injustice, and I’m sure the sick and dying Africans effected by such laws would agree. The cannabis plant can help to provide food, clothing, shelter, safe medicine, and eco-friendly fuel. If the One Campaign really wants to help the poor, we should let them grow hemp, and if we must get involved, help them succeed in taking advantage of the many benefits of the hemp industry.
I hope Bono keeps up the good work, and helps to stop the bad work.
Thanx. www.nycamp.org