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November 13, 2008 17:40 IST
India and China need to play a greater role in resolving the global financial crisis during the upcoming G-20 summit in Washington, Australian Prime Minister Kevin Rudd said on Thursday.
Ahead of his departure for the weekend G-20 meet, Rudd said India and China do deserve a greater place in global talks and developing economies must be included in the negotiations to find a solution to the financial crisis.
"One of the ways in which that can be secured is through the continuation of the G-20 into the future, and that'll depend in part on how this is managed through this conference in Washington," he told Australian Broadcasting Corporation.
"If we deliver a good outcome then it does suggest itself as a meeting of major emerging economies including China, India, Brazil, Mexico and others including Indonesia as an appropriate vehicle for dealing with challenges longer term."
Rejecting suggestions that G-20 was too large a group, compared to the G7, to decide on an action against the economic downturn, the Australian prime minister said: "Having the major developed and developing economies together in a common body to deal with these challenges I believe is a smart way to go."
However, Rudd acknowledged that coming to a common agreement would be tough and that it would be a test of leadership for all countries.
He said the G-20 would be aiming to agree to a set of principles on global financial stability, as well as discuss financial institution transparency and executive payouts.
The G-20 groups the US, Germany, Japan, France, Italy, Britain and Canada, the European Union, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey.
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