Gordon Brown has spoken of the need for the G20 nations to draw up measures to support emerging economies when they meet this week.
The Prime Minister said that restoring growth to fledgling economies would be one of five major “tests” for leaders at Thursday’s London Summit.
He made the comments on Monday in a joint press conference with Mexican President Felipe Calderon, who was in the UK for a state visit and will also be part of the G20 Summit.
Mr Brown said:
“It is no longer the case that a few leaders can meet together to discuss the global economy. With 60 percent of the world’s economic growth over the past decade coming from emerging markets and developing economies, the old approach is no longer sufficient.
“And the success of emerging economies is the key to all our future prosperity. That is why it is vital that a financial crisis does not destroy the prospects for emerging markets in the developing world.”
He called for G20 nations to ensure “proper resourcing” of international financial institutions like the World Bank and the International Monetary Fund to enable them to help emerging economies such as Mexico.
Mr Brown’s other “tests” for the G20 were to clean up the banking system, foster global trade, create a low-carbon economic recovery and commit to doing “whatever is necessary to bring about the resumption of growth”.
President Calderon said the two leaders had agreed that Mexico and the UK would draw up a joint action plan to exchange information about opportunities for investment.
He added that he and the Prime Minister had discussed Mexico’s proposals for a “global green fund” to invest in projects to combat climate change.
Following the meeting, the two leaders issued a joint declaration setting out the areas where they would cooperate on issues such as the economy, climate change, and education.
Speeches and transcripts: PM and President Calderon press conference
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