LDALL SUMMIT 4 LAST

The gathering that included Prime Ministers of Japan and
Britain, President of France and leaders from China, Brazil
and South Africa also pledged to make sure that the regulatory
system for banks and other financial firms reins in the
excesses that led to the crisis.

"Where reckless behaviour and a lack of responsibility
led to crisis, we will not allow a return to banking as
usual," the communique said.

Another major concern of India which was addressed by
the Summit was with regard to protectionism. "We will fight
protectionism. We are committed to bringing the Doha Round to
a successful conclusion in 2010," the statement said.

In his address to the plenary, Singh cautioned against
the temptation to resort to protectionism in the face of
situations arising out of crisis.

The one-day Summit also adopted a framework for Strong,
Sustainable and Balanced Growth without cycles of boom and
bust and markets that foster responsibility, not recklessness.

On climate change, the meeting pledged not to spare any
effort to reach agreement during the Copenhagen meet in
December through the United Nations Framework Convention on
Climate Change (UNFCCC) negotiations.

The Summit also discussed the need to phase out and
rationalise over the medium-term inefficient fossil fuel
subsidies while providing targeted support for the poorest.
Inefficient fossil fuel subsidies encourage wasteful
consumption, reduce energy security and undermine efforts to
deal with the threat of climate change. PTI