Singh to attend G20 Summit, leaves for Cannes tomorrow

New Delhi: Prime Minister Manmohan Singh heads for Cannes in France Wednesday to attend a crucial summit of the world’s 20 leading economies(G20) during which India is expected to make a call to resist trade protectionism when the global economic growth is facing a slowdown.

Singh, who will be at the G20 summit for the sixth consecutive time since it was first hosted by the US in 2008, is also likely to push through India’s agenda for voluntary exchange of tax information to curb black money.

India also wants the G20, which accounts for 85 per cent of the global output and two-thirds of the world population, to include new measures to clamp tax violation channels. The two-day summit to be held in the seaside resort town, famous for the prestigious Cannes film festival, itself hopes to agree on measures to head off the threat of global recession. Singh is due to return home on Saturday night.

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The summitis expected to be dominated by efforts by European leaders to resolve the sovereign debt crisis after the 17-nation eurozone sealed a deal last month critical for global economic recovery.

The summit hosted by French President Nikolas Sarkozy is expected to seek commitments from all G20 members on growth and on rebalancing public finances.

US President Barack Obama, British Premier David Cameron and Chinese President Hu Jintao will be among the world leaders in attendance. Singh is expected to urge the G20 to take the necessary steps to address current economic instability and to take concrete steps to put open trade, jobs, social protection and economic development at the heart of the recovery.

While underscoring the need to avoid protectionism, he is expected to advocate the importance of an open, transparent and rules-based multilateral trading system as a driver of global growth.

The economist-turned prime minister, whose advice is often sought at the G20 high table, is expected to give this prescription for providing the necessary confidence to global markets and ensure a more stable global economic environment.

Like in the previous five summits at Washington, London, Pittsburgh, Toronto and Seoul, Planning Commission Deputy Chairman Montek Singh Ahluwalia will be the Prime Minister’s sherpa, or chief interlocutor at the Cannes meet.

PTI