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China's Hu proposes priorities for further cooperation among five major developing countries
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20:31, July 08, 2008

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Chinese President Hu Jintao on Tuesday put forward four priority areas for cooperation and coordination among the five major developing countries of China, India, Brazil, South Africa and Mexico.

Hu made the proposal at a meeting of leaders of five developing countries on the eve of an outreach session of the Group of Eight (G8) summit.

Over the past year, coordination mechanism at various levels among the five countries have taken initial shape, said Hu.

He said that as their efforts have yielded positive results, the five major developing nations need to build on their achievements and continue their efforts in the following priority areas:

-- Strengthening solidarity and coordination and promoting common development.

As active participants in economic globalization and with increasing ties with the international market, the five developing countries have become an important part of the world economic architecture and a major driving force for global economic growth.

Under such circumstances, intensified consultation and coordination and closer cooperation of mutual benefit among the five are most needed to minimize the impact of unfavorable factors and maintain the momentum and dynamism of the fast economic growth of the five as well as to make continued contribution to world economic development.

-- Stepping up coordination and advancing South-South cooperation.

South-South cooperation is an important channel for developing countries to draw on each other's strengths and achieve common development.

The five developing countries should push forward reforms in international economic financial, trade and development regimes, uphold the legitimate rights and interests of developing countries and enhance their capacity to tackle various risks and challenges, and promote balanced, coordinated and sustainable growth of the global economy.

-- Taking a long-term view and promoting North-South dialogue.

The world economic growth cannot be sustained if developing countries remain in a state of backwardness. The five developing nations should continue to work in an active and pragmatic way under the principle of seeking common ground while shelving differences, and help forge a new North-South partnership featuring equality, mutual benefit, cooperation and win-win progress.

-- Working together to shoulder responsibilities.

As most of the hot-spot issues in today's world directly affect the interests of developing countries, the five have the need and responsibility to work together to exert positive influence on global affairs, increase the say of developing countries and make greater contribution to the building of a harmonious world of enduring peace and common prosperity.

The five countries have vast potential for cooperation, said Hu, adding that strengthening solidarity and cooperation is not only in the interests of their own people, but also in the common interests of people all over the world.

The Chinese president arrived here late Monday for the outreach session of the Group of Eight (G8) summit scheduled for Wednesday in the northern Japanese resort of Toyako.

Source: Xinhua

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