G-15 nations close ranks to brave world economy

G-15 nations close ranks to brave world economy

JAKARTA (JP): Governments under the Group of 15 nations ended
on Thursday their two-day summit with calls for a united front to
defend the interests of the world's developing countries amid the
increasingly fast efforts to globalize economies.

The Jakarta declaration of the G-15 11th summit urged members
for closer cooperation, and more concrete actions, noting that
little had improved to their benefit while global economies kept
merging.

President Abdurrahman Wahid, as chairman of the 11th G-15
summit, called on G-15 governments to become one voice in
defending the interests of the developing countries.

"It's easier to have G-15 speak on behalf of the rest (of the
developing countries)," President Abdurrahman stated at a media
conference.

According to the President, uniting the resources of G-15
members would better ensure their interests would be heard by the
developed countries.

He further said that G-15 members had agreed to review the
effectiveness of past policies, which some said were more
rhetorical than practical.

According to him, the group must seek more practical solutions
and concerted efforts in its future steps.

"We have to unite, there are no other options," said
Venezuelan President Hugo Chavez, whose country will host the
12th G-15 summit next year.

Vice President Megawati Soekarnoputri, who read out the
summit's closing remarks, also lashed out at developed countries'
tendency to make key decisions on global issues at the expense of
developing countries.

The Jakarta declaration said that although G-15 economies had
largely sustained growth while becoming more integrated into the
global economy, prevailing challenges and uncertainties put at
risk these achievements.

The statement cited the volatility of financial markets, a
slowdown in world economic growth, increasing protectionism in
developed countries, high levels of unemployment and widening
income gaps among countries as these threats.

"The international community should address and urgently
rectify all existing imbalances in the world economy to enable
developing countries to finance their development strategies."

"We emphasize that the reform of the international financial
architecture is long overdue and top priority should be given to
measures by both the public and the private sectors to prevent
future crisis," it said.

The joint communique said that more equitable participation,
cooperation and consultation between developing and developed
countries were required to bring about these reforms.

It also called for greater commitment from developed countries
to extend financial aid to the developing countries.

The G-15 governments noted a "dramatic decline in real and
nominal terms, in ODA (Official Development Assistance) flows to
developing countries."

This year's G-15 summit ran on the theme of bridging the gap
in information technology between the developed and developing
countries.

"We recognize that information and communication technologies
(ICT) are central to the emergence of the knowledge-based
economy. We are however deeply concerned that the huge potential
of ICT for advancing development is largely eluding most
developing countries..." the joint communique said.

The Jakarta Declaration, however, fell short of explaining how
to overcome this gap, other than underscoring a commitment to
explore measures in harnessing the potentials of the technology.

It called for a common vision and international cooperation to
bridge the technology gap.

The G-15 summit ended against a backdrop of increased
political tension, as legislators called for a special session of
the People's Consultative's' Assembly set to impeach President
Abdurrahman.

Among the few state heads attending the Jakarta summit were
Nigerian President Olusegun Obasanjo, Jamaican Prime Minister
James Patterson, Venezuelan President Hugo Chavez and President
of Zimbabwe Robert Mugabe.

Although named G-15, the group has 19 members with new ones
being Columbia and the Republic of Iran.

The other members are Algeria, Argentina, Brazil, Chile,
Egypt, India, Indonesia, Jamaica, Kenya, Malaysia, Mexico,
Nigeria, Peru, Senegal, Sri Lanka, Venezuela, and Zimbabwe.

Next year, the 12th G-15 summit will be held in Caracas,
Venezuela, and the year after in Algeria. (bkm)