China urged all developed countries Saturday in Washington to reduce their trade barriers and open markets to developing nations.
The appeal was made by Jin Liqun, Chinese vice-minister of finance, at the 65th Meeting of the Ministers of the Intergovernmental Group of 24.
"The most fundamental reason why developing countries have for long not been able to merge themselves into the international trade system is that, apart from their own economic capability and conditions, they are not placed on the equal footing as their developed counterparts in such a process," Jin said.
Developing countries, he said, are speeding up the reform of their trade policy and system, and it is self-evident that they are facing tremendous challenges.
"We strongly appeal to all developed countries here Saturday to honor their commitments under the Uruguay Round Agreement, lift various restrictions on trade and further open their markets with a view to promoting development and achieving common prosperity," Jin said.
Top finance officials from 24 developing countries began their discussions Saturday on prospects for global economic growth and the impact of a worldwide slowdown on their own nations.
The meeting of G-24 finance officials is expected to produce a statement to be considered by the policy-making bodies of the International Monetary Fund (IMF) and the World Bank, which meet in Washington Sunday and Monday.
The group comprises Algeria, Argentina, Brazil, Colombia, Cote d'Ivoire, Egypt, Ethiopia, Gabon, Ghana, Guatemala, India, Iran, Lebanon, Mexico, Nigeria, Pakistan, Peru, the Philippines, the Republic of Congo, Sri Lanka, Syria, Trinidad-Tobago, Venezuela and Yugoslavia.
(Xinhua 04/29/2001)
