The Group of Five (G5) including Brazil, China, India, Mexico and South Africa called for coordination in dealing with economic crisis and reforming the international financial system here Wednesday.

In a political declaration they said that the global economic crisis in its multiple dimensions, including social, employment and food and energy security risks, non traditional threats to security such as diseases and epidemics, as well as the challenges posed by climate change, underscore our fundamental interdependence and the imperative of enhancing cooperation to achieve equitable and sustainable development for all.

They said that the world needs a new global governance, the construction of which must be based on inclusive multilaterism. "In our evolving multi-polar world, the G5, as a positive platform that contributes to the promotion of the interests of developing countries, will continue to actively engage in jointly tackling global challenges," they said.

In the declaration, they stressed the need of addressing the global and financial crisis in an integrated manner, carefully considering its social and development impacts, as well as the long term requirements of stability and sustainability. "It is our conviction that efforts to address food security, energy security, and other issues of common concern to developing countries, should not be reduced because of the financial crisis," they emphasized.

On the contrary, "we must grab the crisis as an opportunity to reform the international economic system for the benefit of all, particularly the most vulnerable," said the G5 leaders, "as a first step, we call for the full implementation of the G20 London Summit Declaration without any delay."

At the global level, they said "we must swiftly strengthen macroeconomic policy coordination and adopt strong economic stimulus measures to restore market confidence, stabilize financial markets and promote world economic growth. Developed countries have a leading responsibility in this regard."

The G5 leaders also called for coordination in dealing with economic crisis and reforming the international financial system.

In the political declaration issued by them, the G5 leaders said they would continue to promote the reform of the international financial system in a comprehensive, balanced and result-oriented way, with the purpose of establishing a new international financial sector which is fair, just, inclusive and well-managed.

"In particular, we pledge to devote appropriate efforts to fundamentally resolving the issue of under-representation and inadequate invoice of developing countries in international financial institutions, which is urgently needed," they said, "toward this end, the G5 will collaborate with other world leaders."

"We welcome the outcome document adopted by the United Nations Conference on the World Financial and Economic Crisis and its Impact on Development," the G5 leaders said.

They emphasized that the promotion of equitable and sustainable development for all must be at the core of global efforts. "We urge international financial institutions to use their recently augmented resources to mainly help those developing countries which have been seriously affected by the crisis," they said. "We also call on all countries to consider the impact of their macroeconomic policies on developing countries and avoid aggravating the difficulties of developing countries due to the negative spillover effect of their policies."

"We reaffirm our commitment to meeting the Millennium Development Goals, and to contributing to poverty eradication and the promotion of social development and justice at a global scale," the G5 leaders said.

Considering the threatening social impact of the global financial and economic crisis, they said "we urge developed countries to speedily meet the assistance to developing countries."

They also emphasized the importance of fully implementing the outcomes of major world summits, especially the United Nations Conference on Environment and Development, the Monterrey Consensus and the Johannesburg Plan for Implementation. "This is a necessary condition for global recovery," they said.

The G5 leaders also stressed the need for developing countries to strengthen coordination and collaboration on outstanding global issues, and call on all governments, international organizations and relevant parties to vigorously support South-South and trilateral fields.

"An expanded South-South cooperation can be supplementary but is not a substitute for North-South cooperation," they said.

Source: Xinhua