Emerging countries need more influence in world markets - Brazil

Business Materials 8 November 2008 20:14 (UTC +04:00)

Developing countries need a greater say in the global economy, said Brazilian President Luiz Inacio Lula da Silva Saturday, dpa reported.

"Developing country participation in (international) decision- making mechanisms needs to be strengthened," he said in his opening speech before a two-day summit of representative of the G20 nations. The meeting is to prepare for a global financial summit next weekend in Washington.

Lula added that deep reforms of the international financial system are needed to get past the current financial crisis. New mechanisms to strengthen and regulate the market are necessary, as is increased transparency.

He also warned about the "loss of millions and millions of jobs" and about growing poverty, predominantly in poorer countries. Additionally, he advocated a quick resolution of the Doha round of talks on trade liberalization.