Developing states to assess market turmoil<\/p>\n
KUALA LUMPUR (Reuters): Leaders of developing nations from
\nthree continents gather in Malaysia next week to press for
\ngreater access to rich countries' markets and assess the global
\nfinancial turmoil that has engulfed their economies.<\/p>\n
Authorities said trade, investment and currency fluctuations
\nwould be at the center of the agenda when the Group of 15 (G-15)
\nnations hold their annual three-day summit in a cavernous new
\nhotel outside Kuala Lumpur starting on Monday.<\/p>\n
The emphasis on business and commerce was underscored by the
\ndecision to have trade and economic ministers from the member
\ncountries meet for the first time ahead of the summit.<\/p>\n
They will gather on Friday with World Trade Organization (WTO)
\nDirector-General Renato Ruggerio, followed by a meeting of
\nforeign ministers on Saturday.<\/p>\n
The G-15 members are Algeria, Argentina, Brazil, Chile, Egypt,
\nIndia, Indonesia, Jamaica, Malaysia, Mexico, Nigeria, Peru,
\nSenegal, Venezuela and Zimbabwe. Kenya will be admitted as the
\n16th member during the summit.<\/p>\n
Formed in 1989 as a forum for countries from the Southern
\nHemisphere, it has sought to abandon the confrontational approach
\nthat characterized North-South relations before the end of the
\nSoviet Union, and focus instead on trade and investment.<\/p>\n
But with Malaysia's outspoken prime minister, Mahathir
\nMohamad, as host, the summit was not expected to dodge the
\ncontroversial issue of currency swings, which the Malaysian
\nleader has blamed on speculators.<\/p>\n
"You can assume that current international issues such as
\ncurrency speculation will be discussed," senior Foreign Ministry
\nofficial Abdul Kadir Mohamad said recently.<\/p>\n
Malaysian officials said that along with Mahathir, the heads
\nof state or government from Algeria, India, Indonesia, Egypt,
\nKenya, Nigeria, Peru and Zimbabwe were expected.<\/p>\n
However, India's Prime Minister Inder Kumar Gujral on
\nWednesday abruptly canceled his attendance at the summit, "to
\nattend to domestic issues", a government spokesman said. The
\npremier had been criticized for his back-to-back trips.<\/p>\n
Indian Vice-President Krishan Kant will now lead the
\ndelegation to Kuala Lumpur, Indian officials said on Wednesday.<\/p>\n
The summit comes at an opportune time for Mahathir, who was
\nexpected to win support for his drive to rein in currency
\nspeculation which he says has undermined Malaysia's economy.<\/p>\n
But summit leaders were not expected to adopt specific
\nrecommendations on currencies.<\/p>\n
"No, we wouldn't go that far yet at this first meeting,"
\nMalaysian Trade Minister Rafidah Aziz said last week. "If they
\nwant to discuss it, why not, but at the moment our focus would be
\ntrade and investment facilitation measures."<\/p>\n
The G-15 will be looking to adopt a common stance towards
\ntrade issues expected to dominate a WTO ministerial next May.<\/p>\n
"We do have a common stand where it affects us all together,"
\nAziz said. "In the WTO we are saying that there is no place for
\nextraneous issues such as social clause and labor standards."<\/p>\n
The G-15 locked elbows last December during a WTO meeting in
\nSingapore to oppose efforts by a group of industrialized nations
\nled by the United States to give the world trade body a say over
\nemployment practices including child labor.<\/p>\n
India has said it wants the G-15 to press developed economies
\nto open their textiles and agriculture markets. New Delhi also
\nseeks safeguards against anti-dumping measures that keep
\ndeveloping nations' products out of industrialized markets.<\/p>\n
Malaysia's Rafidah said the G-15 would unite behind the need
\nto open their economies -- but at their own pace.<\/p>\n
Malaysia might bring up a proposal it had earlier put forward
\nbut which had been left on the back burner -- a multilateral
\nscheme which would provide guarantees against risks of non-
\npayment in trade, officials said.<\/p>",
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