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Global economic recovery process still fragile: PM

Prime Minister Manmohan Singh and his wife Gursharan Kaur arrive at the Brasilia Airbase in Brazil on Wednesday. — PTI

Brasilia, April 15
Warning that the process of global economic recovery was “still fragile and uneven” though the “critical phase” was over, Prime Minister Manmohan Singh today pitched for greater focus on investments in infrastructure and inclusive growth to create new sources of growth.

Prime Minister Manmohan Singh and Chinese President Hu Jintao greet each other during an official welcome ceremony in Brasilia on Thursday. — PTI

Addressing the 2nd India-Brazil-South Africa (IBSA) Summit here, he said the grouping of leading developing economies must speak against the protectionist policies, “which are only short-sighted and self-defeating in the long run”. “IBSA can contribute to the shaping of the global agenda and highlighting the issues of concern to developing countries.

We are united in our objective to ensure a fair and equitable international order,” Dr Singh told the Summit also attended by Brazilian President Lula Da Silva and South African President Jacob Zuma.

He noted that the “critical phase of the global economic crisis is behind us, but the process of recovery is still fragile and uneven”.

‘India, China not competitors’ Brasilia: Prime Minister Manmohan Singh and Chinese President Hu Jintao on Thursday said that India and China were not competitors but partners as they decided to push further their strategic partnership and agreed to give greater market access to each other's products to boost trade. Hu said he agreed with the Prime Minister’s remarks that the world was large enough to accommodate the aspirations of both India and China. During the 45-minute talks, there was no reference to contentious issues like China issuing stapled visas to Kashmiris and participating in developmental projects in PoK.

Underlining that the world must ensure that “we do not repeat the mistakes of the past”, the Prime Minister said for the global economic recovery to be sustainable, it must be anchored in the real economy.

He also underlined the need for the IBSA to coordinate its positions in the G-20 and continue to pursue the early conclusion of the Doha round of trade negotiations “because a fair and rule-based multilateral trading system is in our interest”.

Dr Singh also stressed the “urgent need” for reform of the United Nations, including the Security Council, by making it more democratic and representative, saying the “systems of global governance have not kept pace with the changing realities of the world”. — PTI