The 133-nation Group of 77 developing countries is proposing sweeping changes to help poor countries ease poverty and join the global technology revolution, according to the Associated Press Friday.
Following is a summary of draft proposals:
- Reform international financial systems to give developing countries a greater voice, to limit volatility that damages their economies and to encourage investment in the Third World. Limit interference in domestic politics.
- Work toward the cancellation of “unsustainable” debt while expanding government-to-government aid.
- Give products of developing countries greater access to the markets of developed countries. Create a development fund within the World Trade Organization. Help stabilize prices of commodities of developing countries.
- Liberalize rules on movement of labor from country to country to mirror liberalization of rules on capital flows.
- Expand the role of the Group of 77. Name spokesmen for the Group of 77 to present the developing world's case before groups such as the Organization for Economic Cooperation and Development to urge that joint steps taken by the rich do not hurt the poor.
- Work through the United Nations and other organizations to encourage transfer of technology to poor countries.
- Encourage poor countries to spend on phone and power services that are essential for information technologies, as well as on education.
- Develop a broad range of educational and financial exchanges between developing countries. Link stock exchanges of developing countries.
- Encourage the United Nations to take a greater role in development.
However, in his speech to the 3rd World leaders, Venezuelan President Hugo Chavez on Thursday proposed extending to other G-77 nations a program in which Venezuela and Mexico distribute oil on preferential terms to nearby countries if prices rise excessively, in his speech at the week-long historic summit of the world's poorest nations.
Chavez's proposal came at the end of a day in which participants held dozens of private meetings along the sidelines of the summit, the largest Group of 77 gathering since the group was founded 35 years ago.
The Organization of Petroleum Exporting Countries "has to become a mechanism of geopolitical negotiation" to help "Third World countries that seek paths for their liberation," the Venezuelan leader said.
Venezuela, which currently holds the OPEC presidency, will bring "the voice of the people of the South" to its summit in Caracas in late September, Chavez said.
The Havana summit's goal is on finding ways for poor countries to collaborate on development issues and address relations with industrialized northern countries, AFP reported.
Of the 135 member nations of the G-77, 110 sent delegations to the summit, 42 of which were headed by presidents or heads of state.
The event began Monday and concludes Friday – (Agencies) – Photo AFP.
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