PM leaves for Italy to participate in G-8, G-5 Summit

New Delhi, Jul 7: Prime Minister Manmohan Singh today left for Italy to participate in the G-8 Summit and G-5 Outreach Meeting focusing on the global economic and financial crisis, climate change, energy and food security.
The three-day meeting, beginning tomorrow in the Italian mountain town of L'Aquila, will have leaders of the world's most powerful and industrialised nations -- US, Britain, Canada, Italy, France, Japan, Germany and Russia. The leaders were to discuss issues of global concern at the annual summit.
India, a part of the G-5 group along with China, Mexico, South Africa and Brazil, will hold parallel meetings and joint discussions to deliberate on the reasons for the global economic crisis and the measures to be adopted by the international organisations to ensure world economic growth.
In his departure statement, Dr Singh said the present global financial and economic slowdown was detrimental for the developing countries like India and called for a concerted and well-coordinated global response to address systemic failures and to stimulate the economy.
He said the economic slowdown in developed countries has affected their exports, strengthened protectionist sentiments and impacted credit and capital growth.
The Prime Minister stated that India would like to see a much higher level of sustainability in the growth pattern of the developed world and in international financial governance.
He said his meeting with the G8-G5 countries leaders will give him an opportunity for projecting India's views on major global issues related to the world  economic and financial crisis and itsimpact on development, food security, energy security and climate change.
International trade negotiations and reforms of international institutes will also be deliberated during the meetings.
Dr Singh also stated these issues will have to be approached as a single undertaking to give meaning to the concept of sustainable development.

UNI