'Reform international financial system'

Page 31, Nov 10, 2009
Story: Emmanuel Adu-Gyamerah, Sharm El-Sheikh, Egypt
DELEGATES at the Fourth Ministerial Meeting of the Forum on China-Africa Co-operation (FOCAC) held in Sham El-Sheikh, Egypt, have called for the reform of the international financial system to ensure development in a fair, just, inclusive and orderly manner.
They also called for an increasing representation and voice of developing countries and opposition to protectionism in all forms, stressing that FOCAC would always stand to uphold an open and free trade and investment environment.
In a communiqué jointly presented by the Foreign Minister of China, Mr Yang Jiechi, and his Egyptian counterpart, Mr Ahmed Abu Alghet, at the end of the meeting, the delegates said, "We will continue to advance the Doha Round of trade negotiations on the basis of observing the negotiating mandate, sticking to the development agenda and respecting the existing outcomes," and called for an early and successful conclusion of the negotiations by taking into account the interest of African countries.
It stated that African countries were greatly encouraged by China's sustained, steady and fast economic growth and appreciated the significant actions taken by that country in response to the financial crisis.
"We believe that these actions have not only contributed to stabilising the world economy but also helped the African economy towards achieving recovery and growth," it said.
It expressed concern over the effect of the financial crisis on developing economies, noting that if nothing was done, it would be impossible for fragile economies, particularly those in Africa, to achieve targets of the Millennium Development Goals.
It, therefore, called on the international community, particularly developed countries, to pay particular attention to the negative impact of the crisis and adopt measures to mitigate its effects by fulfilling their commitments in aid, debt relief, promoting and increasing investment, opening up and accessing market and assisting developing countries to promote economic growth to achieve sustainable development.
The communiqué said China applauded Africa's achievement in strengthening governance, resolving regional conflicts, advancing poverty relief and development and speeding up the integration process.
"China reaffirms its support for African countries in their efforts to strengthen themselves through unity and resolve Africa's problems. It appreciates the positive role of African countries, the African Union (AU) and other regional organisations," it added.
The communiqué added that the two sides would continue to hold onto the decade-long co-operation between China and Africa, saying that that co-operation had produced fruitful results and delivered considerable benefits to their peoples.
"It is a good example of South-South co-operation," it noted.
It said China would continue to cut and cancel debts owed her by African countries, expand investment in Africa and further open China's market to strengthen practical co-operation with Africa.
The two-day forum was attended by African foreign ministers, diplomats and their counterparts from China.
It was held on the theme, "Deepening the new type of China-Africa Strategic Partnership for sustainable development".