Developing countries and G8
Leaders of the group of industrialized countries (G8) met with their counterparts
from developing countries, on the last day of the G8 conference in Japan. The G8
has faced criticism from five emerging economies for not doing enough to tackle
climate change. The group of countries India, China, South Africa, Mexico and
Brazil - also known as the G5 - now have the opportunity to meet face-to-face with
G8 leaders. Indian Prime Minister Manmohan Singh said he was "very satisfied"
with the relationship with the US after meeting with US President Bush. The two
countries are said to plan to discuss an agreement that has been stalled for a long
time. The United States agreed to help India with its civilian nuclear program more
than three years ago, but Mr. Singh was fiercely opposed by left-wing parties in the
ruling coalition. Analysts believe that Mr. Singh will make an announcement about
developments around the agreement at this conference.
Weak currency
The July 9 dialogues are expected to focus on economic issues. The G8 group of
countries (UK, Canada, France, Germany, Italy, Japan, Russia and the US), called
on developing countries with large trade surpluses to stop controlling their
currencies. BBC economics editor Andrew Walker said developed countries were
skeptical that many developing countries were allowing their currencies to increase
in value to reduce trade balance gaps. Observers say that the G8 leaders are
expected to discuss with China - a country that has long been criticized for
undervaluing the Yuan to promote manufacturing industries for export purposes.
Rising oil prices are also the subject of dialogue. Leaders of industrialized
countries have also mentioned measures to cut oil demand. Andrew Walker said
some consultants believe developing countries will try to contain rising prices by
cutting fuel subsidies. "Developed countries need to take the lead in progress
towards ambitious goals of cutting greenhouse gas emissions." Group G5
The problem exists
On July 8, representatives of five emerging economies sparked controversy when
they issued a joint statement criticizing the G8's commitment to cut greenhouse
gases by 50% by 2050. The G5 group called for an 80% reduction, saying it was
“necessary for developed countries to take the lead in progress towards the
ambitious goal of cutting greenhouse gas emissions.” At the summit in Toyako,
northern Japan, G8 leaders expressed concern over rising food and oil prices, the
political situation in Zimbabwe as well as the aid process. for Africa. But climate
change is perhaps one of the most vexing issues, with the G8's position criticized
by both environmentalists and developing nations.
