Leaders of the G-8 – an annual conference composed of the world’s eight leading industrialized nations – meeting in Muskoka, Ontario just outside of Toronto, Canada, and ahead of next weeks G-20 meeting, issued a strong statement condemning the sinking of a South Korean warship earlier this year by a submarine from the Democratic People’s Republic of Korea (North Korea), and called on the Iranian Republic to do more to respect global standards of Human Rights. The two-day G-8 summit ended on Saturday after issuing what was called ‘the Muskoka declaration,’ with attention now turning to next week’s Toronto-based G-20 Summit.
During the summit, leaders of the world’s eight major industrialized countries, as well as representatives of the European Union and heads of state from the ten leading Emerging Nations such as Brazil, India, Mexico and South Africa, among others, discussed a wide range of challenges related to financial markets, international trade, development and global peace and stability.
Canadian PM Stephen Harper told reporters at the press conference following the conclusion of the G-8 summit that there was a consensus among world leaders that the global economy ‘can no longer condone, nor afford, another economic cataclysmic event’ like the collapse of AIG or the undermining of Market integrity by firms such as Goldman Sachs. “We remain very engaged and very watchful of those situations,” he added.
The G-8 leaders turned to foreign policy matters after finding themselves at odds after failing to agree on how to continue to spur global economic growth in the aftermath of the worst recession since the 1930s. The countries were divided over whether to continue coordinating government stimulus spending, as the U.S. wants; or whether to cut exploding deficits, as Europe and Japan prefers.
‘The global economy‘can no longer condone, nor afford another economic’ cataclysmic event’ like the collapse of LehmanBrothers or the undermining of Market integrity by firms such as Goldman Sachs. ‘We remain very engaged and very watchful of those situations.’
— Canadian PM, Stephen Harper
In one of the major achievements of the summit, the G-8 announced late yesterday (Friday) that its members had committed $5 Bn (US) over the next five years for a global initiative aimed at improving maternal, newborn and child health. G-8 leadership has also lobbied for donations and contributions from private companies, foundations and other countries for more than $2.3 Bn of the total amount of that global initiative.
Another item of interest coming out od the Muskoka summit was a unified call by the G-8 nations — the U.S., Britain, France, Germany, Italy, Canada, Japan and Russia — to end Israel’s blockade of Gaza; and calling the current restrictions on the flow of goods to the Palestinians in Gaza “unsustainable.” The leaders also sketched out a five-year exit strategy on Afghanistan.
One sidebar to the conclusion of the Muskoka G-8 summit I found intrigueing, was President Obama’s offer of a ride onboard Marine-1 to newly minted British PM David Cameron on their way from the G-8 Summit in Muskoka, to the G-20 Summit in Toronto. I can only imagine what was discussed, and what this says about their still-budding relationship, one with the other.
The G-20, to follow next week, is composed of all major developed and emerging economies in today’s world and therefore has a broader representation, has become the world’s premier forum for international economic cooperation and policy coordination since its first summit in 2008 in the depth of the global financial crisis and economic recession. It is also the first time for the G8 and G20 summits to be held back to back in one country. More to follow. . .
Photo: Associated Press
