India, Africa call for global cooperation to combat price rise

From V. Mohan Narayan
Addis Ababa, May 25 (PTI) Concerned over disturbing
trends in global economy, India and African nations Wednesday
called for increasing economic cooperation to combat the
menace of rising food and energy prices.
"We remain concerned with the recurrent trend of global
crisis...such as the global food, energy and financial crisis.
While recognising the current economic recovery, we are still
concerned with its sustainability", said the Africa-India
Forum Summit declaration issued here.
The eight-page Addis Ababa Declaration was adopted at the
end of the two-day Africa-India Forum Summit, co-chaired by
Prime Minister Manmohan Singh and Equitorial Guinea
President Obiang Nguema Mbasogo.
The major economies need to work together and enhance
macro-economic policy coordination to deal with global issues,
the declaration said, adding Africa should be given fair
representation in important international fora like G20.
Making a case for enhancing long-term capital flow
towards developing nations, the declaration said, it would
help in enhancing global demand in addition to ensuring
long-term sustainable growth and addressing the problems of
developmental imbalances.
The declaration also called for focusing of new avenues
for cooperation to add strategic depth to the partnership
between India and African nations.
"Areas for such cooperation will include sharing
strategies for sustainable development, poverty alleviation,
healthcare and universal education, and sharing appropriate
technologies", the statement said.
Concerned over little progress towards conclusion of the
Doha trade negotiations, the declaration called upon
key players "to give priority to resolving all issues of
critical concern to developing countries, especially regarding
negotiation on agriculture".
The leaders also called upon the nations "to oppose
all forms of protectionism and trade distorting domestic
support".