Doha: Calling for international financial sector reforms to overcome global economic uncertainties, India on Monday said the role of developing countries should have a say in the decision making process for such reforms.
Speaking at the UNCTAD XIII, General Debate, Commerce and Industry Minister Anand Sharma said India is willing to work with the international community to ensure global policy coordination for the healthy recovery of the global economy.
"We call for further international financial regulatory oversight and reform, strengthening policy coordination and financial regulation, and promoting the sound development of global financial markets and banking systems.
"It must be ensured that the developing countries have an equitable access to the decision making process in this regard," he said.
Sharma also said issues like increasing prices of key agricultural commodities, crude oil and minerals and food security remain an important challenge for UNCTAD XIII.
He said oil and commodity prices have remained volatile and have fuelled domestic inflation.
"After the shock of 2008, the sovereign debt crisis in the Euro zone continues to cast its shadow on the process of economic recovery. Given the inter-linkages of the major economies there is a fear that the depressed economic climate will persist for some time," he added.
The structural factors which contribute to market failures have to be urgently addressed if the current phase of growth is to be sustained, the minister said.
He said that the financial crisis in the developed countries should not serve as an excuse for them to retreat from their commitments.
Further, he said that UNCTAD should provide technical assistance to developing countries on information and communications technology (ICT).
"The emergent challenges of globalisation require effective North-South dialogue on international development cooperation while leaving enough policy space for countries to design their own models of sustainable and inclusive growth," he added.
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