PM Bhattarai stresses on new global economic order at NAM summit

Prime Minister Baburam Bhattarai has stressed on the need for forging a new global economic order based on equitable distribution of the available resources in the world.

Addressing the 16th summit of Non-alligned Movement in Tehran on Friday, PM Bhattarai said the prospect of world trade for promoting development in the poorer economies of the NAM member countries has been constrained due to the stalled process of the Doha Development Agenda.

"We in Nepal are in favour of open, rule-based, equitable, predictable and non-discriminatory trading as well as financial and monetary systems," he said in the statement.

Stressing on the North-South cooperation, the PM also urged the developed countries to fulfill their commitments of providing 0.7 percent of the GNP to the developing countries and 0.15 to 0.2 percent of GNP to the LDCs as Official Development Assistance without further delay.

"As current chair of the Global Coordination Bureau of LDCs, we emphasize full implementation of the commitments made in the Istanbul Programme of Action, 2011-2020 in all the eight priority areas," said PM Bhattarai.

"Our genuine aspirations to achieve broad-based, sustainable and inclusive growth on the arduous path of graduating from the LDC status can be realised only when enhanced, comprehensive and robust international support measures are put in place to bolster our development endeavours."

He also urged the NAM delegates to commit to make NAM a voice for the voiceless and a power for the powerless. nepalnews.com