G-8 And G-5 Summits

If the latest Group of Eight (G-8) Summits of eight most developed countries of the world and Group of Five (G-5) of the most developing countries in the Italian city of L'Aquila had raised any new ray of hope in this world surrounded by challenges, it does not seem to be getting fulfilled.
However, the top leadership of the world took notice of serious issues and problems, indulged in sweet talk about them, also released declarations with high intentions, but they have neither decided on any agenda nor have shown any commitment, so that one could say that they have really moved forward in the direction of solving the problems.

Climate Change
An important proof of the narrow and selfish viewpoint of the leadership of developed countries comes from their attitude to the issue of global warming. It is a fact that most of the G-8 countries are among countries emitting highest amount of carbon.
Climate change is affecting farm output, making droughts, floods and storms more severe and more frequent and raising the sea level. India is one of the worst-affected countries. The G-5--India, China, Brazil, South Africa and Mexico--is suggesting that at least one per cent of the Gross Domestic Product (GDP) of the developed countries should go towards checking climate change.
Global Non- Governmental Organisations (NGOs) shadowing the G-8 and G-5 summits stated that any possibility of the G-8 countries coming with a 2020 target had been scupperred by Russia, which has long opposed any cap on its greenhouse gas emissions.
But they are not in favour of a scheduled effective reduction in it. In this summit too, they did not make any such promise. As a result, the Italy declaration on climate change has become as hollow as numerous declarations earlier on the subject.

Dealing Economic Recession
After dealing with issues of climate change, trade and global economic downturn, the G-8 and G-5 countries turned their attention to food security pledging to mobilise US $20 billion over three years by substantially increasing aid to agriculture for achieving food security across the nations.
In fact, the most immediate challenge today is certainly to rescue the world from economic recession and to bring the economies back on track. With the onset of recession, the most vocal advocates of globalization, the developed countries, had started taking measures to safeguard their economic interests, which were termed as protectionist measures.
Under pressure of world opinion, it has been announced that they would refrain from such steps, but there is no concrete structure of it in place. Reforms in the organizational structure of global financial institutions and the need for them to provide more financial aid to underdeveloped countries has also not moved forward beyond simple announcement.

Trade Restrictions
Trade protectionist policies of some countries, especially in the times of global economic crisis, have been given a thumb down by the joint declaration of the G-8 and G-5 Summits. Developing countries, led by India, China and Brazil, stated that the conclusion of a multilateral trade agreement would help stimulate economies hit by the global downturn and for this to happen developed nations must agree to eliminate trade-distorting subsidies.
The leaders of India, Brazil, South Africa, China and Mexico agreed that there is a need to conclude the Doha Round of negotiations, the latest round of which was stalled due to differences between India and the US on farm subsidies, and find solutions to the remaining gaps.
The Doha Development Round must deliver real and improved market access to developing country products and services and also ensure meaningful results where the greatest distortions lie, eliminating export subsidies in developing countries.
The emerging economies and developing countries had been saying that they were worst hit by the economic crisis and protectionist policies would spell doom for their economies. The declaration sought an ambitious and balanced conclusion to the Doha development round in 2010. It stated in order to fill remaining gaps in negotiations, ministers in-charge of trade had been instructed to explore all possible avenues of direct engagement within the World Trade Organization (WTO).

Oil Speculation
The G-8 nations have asked international bodies to study ways of intervening in oil markets to block speculation.
The leaders at the summit also expressed our disapproval over the resumption of speculation internationally. Despite oil consumption falling one percent from 2008, oil prices have risen from $30 a barrel to $70 a barrel.

India’s Initiative
The Indian Prime Minister Manmohan Singh raised several correct and necessary issues on this occasion. He also succeeded to some extent in making them a part of the declaration.
However, India still has to go a long way to have an effective role of its voice in the world. From this viewpoint, the proposal to turn the G-8 and G-5, which together represent 80 percent population of the world, into a G-14 is worth a welcome.
The question is if the leaders of the world fail to take concrete steps with mutual consent such summits would be reduced to international picnics.