Today, we live in a world where many developing countries are no longer dependent on ODA hand-outs from a few developed countries. Some of our members have achieved development comparable to countries in the North. Others have improved their economies to become major players in the world. We can boast that almost 40% of the world’s industrial output comes from just two of our members, India and China. Millions in the developing world have been saved from poverty by the economic surge achieved by some members of our Group, said Sri Lankan President Mahinda Rajapaksa addressing the G77+China summit in Santa Cruz de La Sierra, Bolivia.
"Literacy levels, health services and employment opportunities have improved in the countries of the South. Foreign currency reserves of G-77 States have reached record levels. It is the market for commodities and manufactured goods, and the credit provided by developing countries that sustained the economies of many advanced countries, during the recent recession. This partnership, if managed efficiently, will benefit the North and South.
"However, it is disappointing, Mr Chairman, that the commitments made to transfer 0.7% of the GNI of developed economies to those developing have not been met. Had this happened, many developing countries would have succeeded in emerging from poverty, to a more acceptable level of development. Commitments are made to be kept – not simply to grab heart-warming headlines", the President further said.
President Rajapaksa further emphasised that solidarity manifested at the highest levels among the developing countries, will help invigorate the collective efforts of the South to put economic and development concerns of the Group, on top of the global agenda. This is important to ensure that key issues of concern for developing countries receive due recognition in the post-2015 Development Agenda. By availing of South-South Cooperation towards this end, ‘a new world order for living well’, which is the theme of our deliberations today, could be achieved, he added.
A re-vitalized G77 will no doubt provide the necessary fillip to reach our common goal of a more equitable and just international order, Sri Lankan President reiterated.
