Brazilian President Luiz Inacio Lula da Silva will call for new regulations for the international financial system during the upcoming Group of 20 (G20) summit in Washington, a presidential spokesman said Wednesday.
Lula believes it is necessary that the Washington meeting launch the basis for a better set of regulations for the international financial market, either by reforming existing multilateral organizations or by creating new mechanisms, spokesman Marcelo Baumbach told a press conference.
He said Lula will also stress the need for increasing the participation of emerging economies in institutions that decide the course of the world economy.
The Brazilian president will insist on reopening the Doha round of trade talks, as opening up global trade is "one of the best anti-cyclic measures that can be taken, and that can be a powerful tool to fight the crisis," Baumbach added.
Lula is due to arrive in Washington Friday for the summit that is scheduled for Friday and Saturday. He will meet with Argentine President Cristina Kirchner and Australian Prime Minister Kevin Rudd ahead of the G20 talks.
Source:Xinhua
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