Wants coercive measures against developing world revoked

Iran has found support from G-15 members who have expressed “grave concern” on adopting or implementing extra territorial and unilateral economic sanctions against developing countries.

The recently-concluded summit here called for full and immediate revocation of coercive economic measures or laws against developing countries as well as using the international economic and financial systems as political instruments to impose such measures.

The G-15 resolve to stand up against such punitive measures against its members came hours after Iran agreed to mediation by Turkey and Brazil which has eased the threat of sanctions against Tehran by the U.S.-Europe combine. With the summit taking place at a crucial juncture, the G-15 mandated the incoming Chairman, Sri Lanka, to establish a high-level task force to undertake a thorough and fair assessment on the progress and prospects of the Group. It would also be expected to provide recommendations on the revitalisation of the group.

Expressing deep concern on the extensive devastation in Palestinian Territories as a result of Israeli occupation and related activities, the G-15, which actually consists of 17 members, expressed full support for efforts to create a conducive environment to building a sovereign and viable Palestinian state.

The 14th G-15 summit also called for time-bound reform of Bretton Woods Institutions and examining alternate sources of financing for the developing world. In this context, it urged the completion of the IMF quota review by November this year and welcomed ongoing initiatives for alternative financing such as the India-Brazil-South Africa Fund, the Chiang Mai Initiative and the PetroCaribe initiative among others.

Finance

Attended by six heads of government and senior Ministers from the other 11 members, the meet stressed the need for the early and full implementation of all the commitments made at the G-20 summits to put in place a global plan for recovery and reform. This includes the commitment to replenish the finances of international financial institutions for concessional lending to crises-affected countries and mobilising $20 billion for food security in developing countries.

The G-15's stand on commitments comes a month ahead of the next G-20 summit which will be attended by four of the G-15 members. It also urged developed countries to fulfill their promise of earmarking 0.7 per cent of their gross national product (GNP) to developing countries by 2015 and reach the level of at least 0.5 per cent of GNP of official development assistance by the end of this year.

In the arena of international trade, the G-15 rejected attempts by some developed countries to impose additional commitments on some of its members currently in the process of WTO accession.

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