G8, G5 leaders' meeting

09 July, 2009 13:55:00

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Leaders of the Group of Eight (G8) industrialized countries and five leading emerging economies (G5) began their meeting today.

The leaders of G8 - Britain, France, Germany, Italy, Russia, Japan, Canada and the United States - joined in discussions with their counterparts from India, China, Mexico, Brazil and South Africa to give a push to the recovery of the global economy and enhanced financial supervision.

Egypt also took part in the talks as a guest invited by Italy.

Climate change and the Doha Round talks of the World Trade Organization top the agenda.

The heads of state and government of the two groups held their respective meetings on Wednesday on the same topics.

As the global financial crisis has pushed the world economy into a recession, the G8+G5+1 meeting will discuss ways to ensure an early recovery, and at the same time, prepare for an exit strategy to avoid post-crisis problems caused by over-expansion of public deficits.

They will also reaffirm their commitment made at the London G20 Summit in April to strengthen international financial institutions to prevent the repeat of a similar crisis.

Leaders from the major developed and the developing nations are finding it difficult to come up with a new draft deal on climate change in time for the Copenhagen climate summit in December as differences among them remain on emissions cuts.

They are expected to agree to conclude the eight-year-long Doha Round trade talks in 2010 to reactivate international trade, which has been hit by the financial crisis.

Development in Africa and food security are also on the agenda.