SALUTATIONS
CLOSING ADDRESS
BY
CHAIRMAN OF THE G-15
THE RT HON Pl PATTERSON, QC, MP
PRIME MINISTER OF JAMAICA
FRIDAY, 1999 FEBRUARY 12
We have come to the end of a very fruitful and stimulating and meeting of our
Group, here in Montego Bay. Permit me once again, to say how much of an
honour and privilege, it has been for Jamaica to have played host to such a
distinguished gathering.
It is our conviction that as we face the realities of the global village, we must
chart a course that does not forever condemn the weak and the poor to remain
powerless and impoverished.
We have been reminded of the spread of the consequences of the process of
globalisation, in a world that has become increasingly cold and heartless.
We remain convinced that the Developing World must be united and assertive if
we are to extract our just rewards from an inequitable global system.
We leave this Summit with a shared appreciation and a clear insight as to the
causes and dire consequences of the international financial crisis, which is still
unfolding.
It has already resulted in disproportionate harm to the developing countries,
particularly for the poor and vulnerable. It must not be allowed to spread like a
wild fire, leaving in its wake increased levels of deprivation.
The tremors are already being felt throughout the world. Our "community of
interests" dictates the need for an international consultative process to secure
fundamental reform of the world's financial system.
Once again, we call for institutional reform which is more democratic,
transparent and accountable to all its members. Nothing less than a redesign of
the policy frameworks, suitably tailored to fit national circumstances will do.
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In order to manage the crisis, immediately or in the longer term, it is to be
remembered that the global economy consists of countries of diverse
backgrounds.
Most of the developing world could not have been present at the table when the
Bretton Woods institutions were formed. We were no part of the design team.
As sovereign nations now, we insist that the new financial architecture must
reflect the voice of the developed and developing world alike.
The G-15 represents an important group that stands ready to contribute to the
international consultative process which must be established, so that the reform
architecture accommodates the differences which undoubtedly exist.
We shall also strive for a more transparent, fair and equitable multilateral trading
system, which will enable us to work towards raising living standards, ensuring
full employment, increased incomes and expanded trade.
To this end we have agreed to consult with our trading partners in the WTO, in
order to ensure the realisation of the objectives of developing countries and their
need to achieve sustainable levels of economic growth.
We urge the full implementation of the measures agreed at the WTO High Level
Meeting for Least Developed Countries (LDCs) and the work programme being
elaborated to integrate small economies into the multilateral trading system.
Our best endeavour will be devoted to redressing the difficulties faced by
developing countries in the implementation of WTO agreements to enable them
to benefit more from participation in the system.
The severe and serious social consequences of the financial crisis have
manifested themselves in dramatic reversals of job creation and increased levels
of poverty.
We underscore the urgency in dealing with this immediate issue and call on the
international community to give this the highest priority.
We are aware of the renewed awareness by the Bretton Woods institutions in
addressing longer-term structural aspects of social policy and productive
employment in the context of market opening.
The G-15 supports the initiative by the ILO to undertake an in-depth analysis of
the negative social repercussions of the financial crisis.
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We have decided to submit to the ILO our request to have launched a
comprehensive employment strategy including the right to work.
Labour standards shall continue to be set and dealt with within the ILO. We
reaffirm our opposition to its inclusion in the WTO work programme.
We have noted the structural factors which have led to significant falls in
commodity prices and the negative effect which this is having on the economies
of developing countries.
We now issue a call to the developed world to join with us in the appropriate
international institutions, to find the correct remedial measures, as part of a
comprehensive and integrated approach to spur growth and development.
We maintain our position that social safety nets, to meet the basic needs of the
poorest and most vulnerable, must be regarded as integral parts of
development policies.
The international community's focus on systemic issues must be balanced also by
urgent attention to those developing countries.
The world's community must therefore move expeditiously beyond the Heavily
Indebted Poor Countries by assisting them to achieve meaningful reduction in
both stock and debt and its servicing.
We welcome recent initiatives on debt forgiveness for the poorest Developing
Countries by the Presidency of the European Union and the G-7, which need to
be speedily implemented to give real hope to the world's poorest countries.
The Group has agreed to adapt a new strategic sector-approach to South-South
cooperation focusing on bio-technology, information technology' and
infrastructure development .
We are particularly pleased that this Summit witnessed the signing of several
new bilateral treaties among member countries.
This development underscores the relevance of the Group and reminds us that
much of our development rests in our own hands.
The constant threat to peace and stability posed by terrorism on our economies
at all levels cannot be ignored. Acts of terrorism, their perpetration and those
who support them, under whatever guise, deserve our condemnation.
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We have done our work and we have indeed arrived at our Jamaica consensus,
at one of the defining moments in the history of our Group.
We pledge to consolidate the presence of our Group in the several international
for a to which we belong. We are geared to deepen the dialogue with the G-8
and to make a constructive contribution at every stage on the burning issues of
the global economic agenda.
Let us, however, remind ourselves that the close of this Ninth Summit is merely
the beginning of the job of work which lies ahead. We are summoned to recommit
our best efforts, with the full recognition of the weight of our individual
and collective responsibilities.
As in any other field of human endeavour, we will not achieve our goals in one
single step, but here in Montego Bay, we have strengthened our resolve to
advance together.
As we prepare to depart from Montego Bay, the tourism capital of the Caribbean,
may we go forward imbued with the justice of our cause and the determination
to continue our labours for a better world for all the people who inhabit the
globe.
To Cairo we go.
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