Ministers of the Intergovernmental Group of Twenty-Four (G-24) called on Friday for renewed political commitment by rich and poor nations to make progress in the critical global trade liberalization talks that are currently in difficulties.

In a communique released after its 75th meeting held in Washington before the joint spring meeting of the International Monetary Fund (IMF) and the World Bank, G-24 ministers said "many critical issues have yet to be agreed upon, which underscores the need to increase the political commitment on the part of both developed and developing countries to a successful and ambitious outcome" on the Doha round world trade negotiations.

The G-24 ministers also warned that many developing countries were "off-track" in efforts to meet the Millennium Development goals, which was adopted by world leaders in 2000 and called for the proportion of people living on less than a dollar a day to be halved by 2015.

While they welcomed an increase in aid and debt relief commitments by rich countries, G-24 stressed that "mechanisms are needed to ensure that these commitments are adhered to."

G-24 ministers also renewed their insistence that developing countries be given a stronger voice in the leadership of the World Bank and the IMF and said measures were needed to ensure that wealthy nations honor their aid commitments.

The G-24 countries called for rapid progress toward increasing the representation of their governments in the World Bank and the IMF and said "concrete progress" was "imperative" ahead of the next annual meeting of the World Bank and the IMF to be held in Singapore in September.

The Intergovernmental Group of Twenty-four on International Monetary Affairs and Development consists of 24 developing countries, including Algeria, Egypt, India, Pakistan, Mexico and Venezuela.

Source: Xinhua