Major countries' positions for G20 summit in Toronto (3)

17:22, June 24, 2010      

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Japan: Play active role in global issues

The G20 summit has now become a forum for developed and developing countries to discuss and jointly address global issues and Japan looks forward to playing an active role in this regard, Japanese officials said recently.

At the Toronto summit, the G20 leaders should make clear their resolve to achieve an agreement in the Doha talks as early as possible in an effort to shore up the global economic recovery and resist protectionism, the officials said.

Japan looks forward to some agreements on global issues from the summit and wishes to see more cooperation between developed and developing countries in the future in tackling global economic and financial issues, the officials said.

South Africa: Benefit from international trade

The South African government is expected to declare its intention to strengthen trade with other countries to benefit its economy at the summit. The country will call for setting up a new global economic and trade order in which emerging countries will be given more privileges and rights.

South African economist Martin Davis recently urged China, South Africa, Brazil and other emerging countries to join hands in promoting the establishment of a new international trade and economic order, which is more balanced, fair, efficient and conducive to the comprehensive recovery of world economy.

European Union: Coordinate in exit strategies

European Union (EU) leaders have two major topics to push at the summit: coordination in exit strategies and renewed efforts to reform financial markets.

"The G20 should agree on a coordinated and differentiated exit strategy to ensure sustainable public finances," EU President Herman Van Rompuy and European Commission President Jose Manuel Barroso said in a joint letter to G20 partners Wednesday.

Concerning financial reform, Van Rompuy and Barroso called on the G20 to reaffirm its commitment to strengthened financial regulations in such fields as capital requirements for banks, remuneration policies, convergence of accounting standards and the fight against tax havens.

The two leaders also repeated the EU's call for a global deal on bank levies and urged G20 leaders to explore the possibility of introducing a global financial transaction tax, which would prove to be more controversial.
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