May 18, 2010 8:07 AM

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G-15 Summit: India seeks comprehensive reform of global financial institutions

India today sought comprehensive reform of international financial institutions to enable enhanced capital flows and infrastructure investment in the developing markets.<br/><br/>Addressing the 14th G-15 Summit in Tehran, the External Affairs Minister S M Krishna said this will strengthen the economic recovery from the worst global crisis since 1945.<br/><br/>He said, efforts should continue for comprehensive reform of the international financial institutions to make them more inclusive. Krishna cautioned that it may appear that the immediate global economic and financial crisis is behind us, but it was early to say if the world was on a long term recovery path.<br/><br/>He said, sustainable recovery of the global economy will depend on several factors, including how the developed economies fare. He stressed on the need for stable capital flows to the developing markets, appropriate macro-economic adjustments and avoiding complacency in the area of financial sector reforms.<br/><br/>Krishna also said, the developing nations must work together to ensure a balanced outcome of the Doha Round which addresses the concerns of the developing countries.<br/><br/>Earlier, on the sidelines of the summit, the External Affairs Minister S M Krishna met Iranian Parliament speaker Ali Larijani and exchanged views on regional and mutual concern including situation in Afghanistan.<br/><br/>Mr. S M Krishna told that terrorism is common challenge for both the countries and our strategic partnership with Afghanistan will continue. On relations with Iran, he said India looks forward to strengthening relations with Iran and stressed that though his visit is related to G-15 summit, it is also bilateral in nature.<br/><br/>The Iranian Parliament speaker Ali Larijani expressed the happiness on growing economic relations between India and Iran. The External Affairs Minister also visited the Gurudwara in Tehran and met members of the Indian community on Sunday.

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