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Africa and India demand action to rein in oil price hike
From Kwaku Osei Bonsu, GNA Special
Correspondent, Delhi, India
Delhi, April 9, Ghanadot/GNA - Africa and India have jointly
demanded urgent global intervention to rein in the crude oil
price hike, which they said was hurting their economies.
Summing up the conclusions of the historic Indo-African
partnership Forum held in Delhi, African Union (AU) Chairman
and President of Tanzania, Jakaya Mrisho Kikwete said if the
situation was allowed to persist, all the economic growth
gains they have achieved risked being reversed.
He said it was therefore their common position that this
should be quickly brought to the attention of the
international institutions of political and economic
governance including the World Bank and the International
Monetary Fund (IMF).
Another issue of concern that also required to be addressed
was escalating food prices, he said.
President John Agyekum Kufuor was among the 14 African
Leaders, who attended the two-day meeting designed to help
to fashion out a comprehensive framework to guide the
economic cooperation between Africa and India into the
future.
The AU Chairman said to help Africa to address its supply
side constraints in order to take advantage of the
zero-tariff, quota-free access to the Indian market, as
announced by the Prime Minister Dr Manmohan Singh on
Tuesday, the Continent needed to be supported with more
investments from India.
President Thabo Mbeki of South Africa, Senegalese President
Abdoulaye Wade, President Joseph Kabila of the Democratic
Republic of Congo, Ugandan President Yoweri Musevini and
Prime Minister Meles Zenawi of Ethiopia also attended the
summit.
The Leaders of the various Regional Economic Communities on
the Continent as well as the President of the AU Commission,
Professor Alpha Konare were present.
The Forum comes at a time when the world's most powerful
economies are jostling to establish a strong presence in
Africa.
India, an emerging economic powerhouse, presently, trades
with Africa to the tune of about 30 billion dollars.
A declaration adopted by the Leaders called on members of
the World Trade Organization (WTO) to implement duty-free
and quota-free market access for all products coming from
the Least Developed Countries.
Additional measures should also be taken to provide market
access to them through simplified and transparent Rules of
Origin.
The declaration further called for the reform of the
international financial architecture, especially
International Financial Institutions (IFIs) to reflect the
changing global situation.
It said there was the need for effective voice and
participation of developing countries, including quotas and
voting rights in the IFIs.
This, it said would enhance those Institutions'
accountability, legitimacy, credibility and effectiveness.
"We have agreed that Africa and India will strengthen not
only their bilateral linkages, but that India will also
progressively strengthen its partnership with the AU and the
Regional Economic Communities", it said.
Meanwhile, President Kufuor has inaugurated a Jubilee House
built for Ghana's Mission in Delhi. It would accommodate the
Deputy Head of the Mission.
GNA
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