G-8 group need to be expanded?

Does the G-8 group need to be expanded?

Though G-8 group is not an international organization in the sense that it has an administrative staff with a permanent secretariat, it attaches significant importance in world affairs. In the present world order the group is gaining ground with the passage of time. Leaders of the G-5 emerging economic giants Brazil, China, India , Mexico and South Africa- are pushing to be involved in the big global decisions and the heads of the group of G-8 are increasingly seeking their help. “I think we are in a transition period. We are trying to find the right shape that combines the efficiency and capacity for action with inclusiveness.” Obama said on the final day of G-8 Summit. He added “And my expectation is that over the next several years you will see an evolution and we will be able to find the right combination. The one thing I will be looking forward to is fewer summit meetings.” US, UK, Germany, Japan, Italy, and France for the first time met informally in 1975 at Rambouillet in France with the objective of finding measures to sustain the global financial system. Canada joined the group in 1996 and the number stood eight when Russia joined it in 1998.These nations produce two thirds of the world’s social products, accounts for nearly half of world trade, provides three-fourths global development aid, and contributed 73% subscription to international organizations. Therefore, the decisions taken by G-8 have tremendous influence on world trade, global finical markets, environment and development. The G-8 Process has expanded not only its members but also its principal agenda, which now embraces a series of topics ranging from the environment to human rights and to regional security. The first meeting involved only six countries while today the G-8 comprises eight member countries plus the European Union.
In L’Aqualia from July 8 to 10 the G-5 emerging economies were invited by G-8 leaders along with Egypt and held a meeting of what was thus G-14. Then with Australia, South Korea and Turkey-everyone met once again as the Major Economic Forum. But the key decisions on global warming protectionism and trade talks were made on day one within the narrow G-8 group. All that will change at the end of September in Pittsburg, when Obama will host a G-20 meeting of the entire major world economies-developed and emerging- to address the key issues of the global financial crisis.
Gordon Brown who took the centre stage was planning to warn, fellow leaders that they needed to focus on the current state of the global economy rather than plan ahead for 2011 or 2012. Britain wants the meeting to address five key issues hindering recovery from the most serious global downturn since the 1930s-a credit famine, rising unemployment, protectionism, a lack of investment and oil prices. Growth in the west’s leading industrial nations has collapsed since the banking crisis last autumn, with output dropping at an annual rate of 4.9% in the UK, 8.4% in Japan, 6.9% in Germany and 2.5% in the US. The G-8 will draw comfort from the stabilization of financial markets since the panic of late 2008 and signs that the $1.1 trillion package agreed at the G-20 has prevented a threatened meltdown in eastern Europe. But the G-8 nations remain concerned that rising unemployment expected to peak at a recorded 40 million people in developed countries next year, coupled with falling house prices will choke off consumer spending in the months ahead. Brown’s hopes of a major breakthrough on climate change were dealt a blow when the Chinese present, Hu Jinao, was forced to fly home to deal with ethnic riots. Brown hopes the summit will make progress on the agenda for December’s Copenhagen summit which will seek to set a long and medium term target for limiting global carbon-di-oxide emissions and a package of financial aid to help developing countries adapt.
“t’s true that the G-8 alone will not be able to resolve all the problems in the world that need resolution. At the time of economic and financial crisis that started last year we need the contribution of India, China and Brazil.”-the Japanese Prime Minister said. Many think the rich world cannot now rise to global challenges like climate change and the economic crisis without the help of fast developing states. Some argue it has a moral duty to listen to their voices. G-8 members met with the outreach five-China, India, South Africa, Brazil and Mexico and the with the +1, in this case Egypt. So, the interested group members stood 14. Some question whether the G-8 group is going to be 14? Nicolas Sarkozy said he had always thought it would be ‘unreasonable’ to try to rescue the world from recession without involving the emerging nations. So does that mean sparing ourselves a G14 stage? German Chancellor Angela Merkel and French president Nicolas Sarkozy have been vocal that G-8 needs to be expanded to better represent the world’s population and economics. They are right indeed.
Md. Masum Billah
Program Manager: BRAC Education Programme, PACE
Phone: 9355253 (res), 01714-091431 (cell)
Email: mmbillah2000@yahoo.com