ENHANCED ACCESS TO MARKETS IS IMPORTANT TO SUSTAIN REFORMS IN DEVELOPING COUNTRIES : JASWANT SINGH

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The Union Minister for Finance and Company Affairs, Mr. Jaswant Singh said that enhanced access to markets is important to sustain the process of reform in developing countries particularly in the sectors of agriculture, textiles, clothing and footwear. He said there was need to eliminate trade-distorting subsidies in industrialized countries to ensure adequate access to financial resources so that investment needs of the needy are adequately met. He was addressing the inaugural session of the joint annual discussion of the IMF and World Bank in Washington yesterday. The Minister said that large infrastructure gaps need to be bridged to accelerate growth and poverty reduction. The Minister said that 85% of the world’s population has access to only 15% of the global resources, thereby creating imbalances that are difficult to sustain.

The Minister expressed concern about the current global downturn that is threatening even the better managed economies. He referred to the buildup of tension in West Asia and said that global energy prices are once again turning volatile that could prove detrimental to global growth and welfare. The Minister said that while development of financial standards and codes is welcome the application should take into account individual country circumstances.

The Minister emphasized India’s full support to intensifying global efforts to prevent money – laundering and financing of terrorism. He also appreciated efforts of Mr. Wolfensohn in maintaining the level of IDA commitments for the next three years.