Commitments

Brazilian, Indian and South African foreign ministers said in Brasilia on September 1 that all members of the G20 should fulfill their commitments as pledged at the London summit, reform the international monetary system and formulate a new supervisory mechanism for the new financial markets.

Brazilian Foreign Minister Celso Amorim has said the international community has scored some achievements in reforming the international monetary system since the London summit. However, he said, although it was agreed to build new regulatory system for the financial market and reform the voting power of all countries in the IMF and the World Bank, things had not been put into practice yet.

South African Foreign Minister Maite Nkoana-Mashabane also wants the London commitments fulfilled. She said she would like to see when and how the reform is carried out.

Indian Foreign Minister SM Krishna said it was the developed nations that caused the financial crisis, therefore, it was important for them to find ways to rejuvenate the world economy at the G20 summit.

At the two previous summits, leaders of the G20 pledged to fight protectionism, and work together to deal with the crisis. The fact is that there are new protectionism tendencies in the United States and some European countries. It is hoped that the Pittsburgh summit could turn the slogan of anti-protectionism into action.

(Xinhua News Agency September 27, 2009)