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South summit's

call to strengthen

G-77 CCI

RECORDER REPORT

KARACHI: The business leaders from G-77 countries have expressed serious concern on the high-level of uncertainty created due to globalisation among entrepreneurs in the developing countries.

Speakers at the inauguration of South Forum of Businessmen in Havana on Tuesday called for strengthening the G-77 Chamber of Commerce and Industry and said that developing countries of South must find solutions for diversification to evade negative impacts of WTO rules, according to an FPCCI press release issued on Wednesday.

An FPCCI delegation is participating in the G-77 CCI meetings. Hector M.Perez, President, Chamber of Commerce and Industry of Cuba, said that G-77 CCI platform could work towards creation of unity among the governments of South so that unity and solidarity among the under-developed countries should become the most highly valued capital for the countries of South.

Chairman, G-77 CCI, Boney M.Katatumba, said that G-77 CCI was putting in efforts to increase collective strength for South-South cooperation to address economic issues. He said G-77 coverage would benefit more than six billion people who should have in fact bigger share in welfare as was available in global capacity. He said these six billion people could be more readily by identified as a peoples debt ridden in trillions of US dollars, than by any other.

He said the G-77 member countries needed to review the present situation wherein globalisation had stopped the promotion of trade and blocked the utilisation of capacity of developing countries by creating barriers namely child labour and anti-dumping duty, etc.

Tariq Sayeed of G-77 Chamber of Commerce and Industry Trade Fair Authority said that the recommendations of Carribean Association of Industry and Commerce be adopted. World trade centres should be established in developing countries to promote economic interests, he said and stressed the need for interaction of the G-77 CCI with sub-regional blocks. He suggested that China might consider hosting session for discussing joint venture programmes.

Referring to discussions on financial themes Engr. M.A.Jabbar from Pakistan said that negotiating capacity of debt-ridden countries with international creditors could be enhanced by materialising the concept of establishment of Development Bank of South.

He said the bank would take care of the interests of South countries which would be political-free and as well would not force change in domestic policies which was often asked by the IMF while giving finances for the development.