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Posted On: 30 November 2008 08:38 am
Updated On: 12 November 2020 02:09 pm

G8 now outdated, says Sarkozy

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The G-8 concept has become outdated and the emerging nations must be taken into confidence to find solutions to the global financial crises, said French President Nicolas Sarkozy. He called for turning the current crises into an opportunity to change the world. “In this world of globalisation our future is inter-connected. We need to restore the growth with unity”, the French President said while addressing the plenary session of the International Conference on Financing for Development here yesterday. Sarkozy, who represented the 20-group rich nation and key developing states, stressed the need for African Union and developing nations playing an important role in the International agencies like IMF. “Without India, Brazil, Mexico and South African Countries, no meaningful discussions can be held to resolve the current financial crises. In fact, we wanted the African Union and GCC to attend the G-20 meeting held in Washington. I regret that it did not occur. We expect these two major political blocks to attend the next G-20 meeting slated to be held in London,” he said. Sarkozy said the world’s food sector is heading for a major crisis. The world must understand the importance of developing agriculture products. Africa needs to be helped to feed itself and open up its market. The development of Africa is absolutely necessary. The 60 percent of Official Development Assistance (ODA) is coming from Europe. It has contributed $61bn for the year 2007 and has added up another $1bn to meet the food crisis. The EU will deliver the collective target of 0.56 percent of Gross National Income by 2010 and of 0.7 percent in 2015, he said. “The world is so close to disaster. A section is becoming richer and richer and major segment is becoming poorer and poorer. We must keep up our development prospective and must live up to the promises”. Earlier, Jose Manuel Barroso, president of the European Commission said the G20 has to reach out to the rest of the world. As the crisis progress, it becomes increasingly clear that none of us can deal with it on our own. This global crisis requires global answers and global alliances, based on shared responsibilities. Doha is not the place to fuel confrontations but to build for the future, he said. Barroso said the EU has been on the front line in tackling these challenges, addressing the symptoms, and assuming responsibilities.