The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma has said that the financial crisis in the developed countries should not serve as an excuse for the developed countries to retreat from their commitments. Speaking at UNCTAD General Debate at Doha today, the Minister said that “without putting the developing countries especially LDCs, LLDCs, SIDS in the forefront of the global development agenda, we can hardly expect progress on the Millennium Development Goals. The global financial, food and energy crises have had a debilitating impact on these countries reversing their hard won development gains.”
Referrring to the danger of dilution of development focus in Doha Round, Shri Sharma stressed urgency to work for an early conclusion of the Doha Round of World Trade Organization negotiations to promote an open, equitable, rule-based and predictable multilateral trading system, “with development as a core element of the WTO’s work.”
Shri Anand Sharma called for “further international financial regulatory oversight and reform, strengthening policy coordination and financial regulation, and promoting the sound development of global financial markets and banking systems”. It must be ensured that the developing countries have an equitable access to the decision making process in this regard, he added.
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