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China Urges Developed Countries to Open Markets to Developing Nations
China urged all developed countries Saturday in Washington to reduce their trade barriers and open markets to developing nations.
The appeal was made by Jin Liqun, Chinese vice-minister of finance, at the 65th Meeting of the Ministers of the Intergovernmental Group of 24.
"The most fundamental reason why developing countries have for long not been able to merge themselves into the international trade system is that, apart from their own economic capability and conditions, they are not placed on the equal footing as their developed counterparts in such a process," Jin said.
Developing countries, he said, are speeding up the reform of their trade policy and system, and it is self-evident that they are facing tremendous challenges.
"We strongly appeals to all developed countries here Saturday to honor their commitments under the Uruguay Round Agreement, lift various restrictions on trade and further open their markets with a view to promoting development and achieving common prosperity," Jin said.
Top finance officials from 24 developing countries began their discussions here Saturday on prospects for global economic growth and the impact of a worldwide slowdown on their own nations.
The meeting of G-24 finance officials is expected to produce a statement to be considered by the policy-making bodies of the International Monetary Fund (IMF) and the World Bank
More Funds to Developing NationsDeveloped countries should take concrete measures to reverse the trend of decline in financial flows to developing countries and enhance aid to those nations, Jin said.
"We solemnly call upon the international community, particularly the developed countries, to take concrete measures to reverse the trend of decline in financial flows to developing countries, and to enhance assistance to developing countries through multilateral and bilateral channels," said Jin Liqun, Chinese vice-minister of finance, at the 65th meeting of the ministers of the Intergovernmental Group of 24.
While Globalization and the progress of new technology are constantly accelerating, it is necessary to establish a new, fair and rational international economic order to promote the transfer of resources to developing countries for the purpose of bridging the gap between the South and the North, Jin said.
Top finance officials from 24 developing countries began their discussions here Saturday on prospects for global economic growth and the impact of a worldwide slowdown on their own nations.
The meeting of G-24 finance officials is expected to produce a statement to be considered by the policy-making bodies of the International Monetary Fund (IMF) and the World Bank, which meet here Sunday and Monday.
The Group of 24 consists of an important cross section of countries across Africa, Asia and Latin America. Since its establishment in 1972, the G-24 has become the primary institutional mechanism for the coordination of developing country positions on monetary affairs.
The G-24 meets twice a year at the deputies and the ministerial level and makes proposals to the Interim Committee of the Board of Governors of the IMF and the Development Committee of the Board of Governors of the World Bank.
The group comprises Algeria, Argentina, Brazil, Colombia, Cote d'Ivoire, Egypt, Ethiopia, Gabon, Ghana, Guatemala, India, Iran, Lebanon, Mexico, Nigeria, Pakistan, Peru, the Philippines, the Republic of Congo, Sri Lanka, Syria, Trinidad-Tobago, Venezuela and Yugoslavia.
China is an observer of the Group of 24.
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