The United Nations Secretary-General Ban Ki-moon has called on the upcoming G20 conference on world economy to demonstrate common resolve in tackling the current financial crisis and urged for greater investment in new technologies and trade multilateralism.

In his letter to the G20 leaders in advance of their summit in Washington D.C. this coming Saturday, Ban said: "We need most of all to join forces to take immediate action to prevent the financial crisis from becoming a human tragedy."

"The forthcoming G20 Summit on Financial Markets and the World Economy is being convened at a moment of deep concern for the world economy," the UN chief noted in his letter, which was dated Wednesday and was released on Thursday.

Warning that the world is facing the prospect of an unprecedented global human crisis due to a worldwide weakening of economic activity on a scale not seen for decades, Ban said the poorest and most vulnerable everywhere, but particularly in the developing countries, will be the most affected by such a major growth slowdown.

"We must deal with the 'fierce urgency of now,' to use the unforgettable words of Martin Luther King," Ban said. "It is essential that the G20 meeting signals an unmistakable common resolve to overcome the crisis, to act together, to act with urgency and to show solidarity towards the neediest," he urged.

As secretary-general of the United Nations, Ban said he would work "closely with the president of the World Bank, the managing director of the International Monetary Fund as well as others in facilitating an inclusive approach to the institutional reforms that we have to undertake because such reforms cannot be restricted to financial sector regulation alone."

"They must deal with the broader challenges for human security, including climate change, conflict prevention and the eradication of poverty," he said. He pointed out that the world faces what he called "a unique opportunity" on climate change.

"The economic crisis requires an increase in public investments to counteract falling private demand," Ban said, noting that many countries are enacting "welcome fiscal stimulus packages."

"To limit climate change successfully we will need to invest in new technologies, in green jobs, and in helping the world cope with the changes that are already inevitable," Ban said.

"Targeting a substantial part of the needed public spending to these needs will help fight the short term crisis, while laying the foundation for the long-term sustainability of economic growth," he emphasized.

He also warned of rising protectionism in the midst of financial turmoil. "The lesson of the 1930s is that a spiral of protectionism can deepen a recession," he said, adding however that far from helping employment, protectionism undermines jobs in the aggregate.

He said he firmly believed that the challenges the world faces in trade "can only be met through a reinvigorated and inclusive multilateralism: one that is fair, flexible and responsive."

"An early resolution of the issues holding up the Doha trade round would be a great contribution to overcoming the crisis," the UN leader said.

Citing on ancient oriental wisdom, Ban said: "In human affairs, crisis is also often a time of opportunity. Misfortune can give rise to fortune. If the world rises to the challenge, overcomes the immediate crisis and builds a stronger multilateralism for the twenty-first century, this first meeting of leaders of the G20 will be a milestone that will be remembered."

(Xinhua News Agency November 14, 2008)