http://www.kuna.net.kw/NewsAgenciesP...05&Language=enG-8 Summit kicks off in L''Aquila
Economics 7/8/2009 6:51:00 PM
By Mehdi Al-Nimir ROME, July 8 (KUNA) -- The Group of Eight (G-
Summit opened in the mountainous city of L'Aquila, central Italy, Wednesday afternoon with issues of economic downturn and climate change featuring prominently on its agenda.
During the three-day event, leaders of the world's most industrialized economies are scheduled to hold an expanded meeting with leaders of 31 emerging economies and representatives of major international organizations.
Italian Prime Minister Silvio Berlusconi, the current president of the summit, warmly welcomed US President Barack Obama, Russian President Dmitriy Medvedev, British Prime Minister Gordon Brown, German Chancellor Angela Merkel, French President Nicola Sarkozy, Japanese Prime Minister Taro Aso, and Canadian Prime Minister Stephen Harper, as well as Swedish Prime Minister Fredrik Reinfefdt in his capacity as current president of the European Union.Chinese President Hu Jintao was forced to go back to Beijing due to the unrest in the predominantly-Muslim province of Xinjiang, west China, which overshadowed the summit.
The debates focus on the global economic crisis, the international financial turmoil, the global warming and the Doha Development Round - the current round of the trade liberalization talks run by the World Trade Organization (WTO).The leaders are unanimous on an economic statement that highlights commitment to open markets and opposition to all forms of protectionist policies and outlines steps for reforming the financial systems and revive the world trade and economy, insiders of the summit said.
The leaders are expected to adopt measure to build confidence in the financial markets and mend the defects that led to the recent financial meltdown, the sources pointed out.
They are unanimous on the Italian-conceived 12-point comprehensive framework document on the auditing controls in a bid to ward off any future financial crises.
With regard to the global warming, the leaders are committed to reaching an ambitious climate deal during a conference to be held in Copenhagen next December.
The summit will discuss Iran's nuclear program and the post-vote violence in the Muslim republic as well as the Middle East conflict.
On Friday, representatives of emerging and developing economies such as Egypt, Angola, Libya, Nigeria, Senegal and South Africa will join the summit.
The African Union, the Food and Agriculture Organization and the World Health Organization, which press for measures to finance agriculture, alleviate poverty, and combat epidemic diseases in Africa and other parts of the world, are also represented at the event.
The current summit is the largest in terms of representation since the initiation of the annual series 35 year ago.
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Miér Jul 08, 2009 6:09 pm