25 September 2009
Statement by H.E. Mr. Manouchehr Mottaki
Minister of Foreign Affairs of the Islamic Republic of Iran
before Thirty-third Annual Meeting of
the Ministers for Foreign Affairs of the Group of 77 and China
(Friday, 25 September 2009, New York)
In the Name of God, the Compassionate, the Merciful
The current financial and economic crisis is clearly a reflection of unsound economic policies of developed countries and insufficient financial supervision of and excessive deregulations in their financial markets. Developing countries are suffering disproportionately and bearing the brunt of the crisis. Pushing them to compromise their legitimate positions and rights regarding different subjects of global economy in international fora and conferences is unacceptable. Such temptations and resistance of supporters of statuesque was evident during negotiations before the UN Conference on Economic and Financial Crisis and Its Impacts on Development held here last June.
The current unfair international economic order and relevant institutions have proven to be incompetent in predicting and managing crises and are in need of profound reform. Some should be even replaced with new ones. The main criteria for judging them are the way they respond to the current crisis and specific needs of developing countries therein. Unfortunately, many of them are not satisfactory.
Therefore, relying on these institutions to assist developing countries to exit the crisis is not a wise option. Accordingly, resorting to any mechanism which could impose the implications of the crisis to the developing countries is not advisable and should be avoided. It is for us to design and perform initiatives at the south-south and regional levels with a view to reviving our economic growth and development.
Regional clearing mechanisms are among those means that have shown their reliability and feasibility in reducing dependence of the South to the currencies of developed countries in their economic and trade transactions.
Meanwhile, stimulating domestic markets and promoting trade and investment within developing countries would lessen the negative impacts of the crisis on our people and enterprises.
At the same time, our regional and national mechanisms have the responsibility to assist productive sections of our economies and enterprises that are confronting serious problems and support those affected by the crisis.
Institutionalizing coordination and cooperation among developing countries to promote trade, investment and technical assistance and to mitigate the chance of recurrence of similar economic crises is not and should not be seen as short-term measures, but as an enduring strategic decision and option in promoting economic growth and development of these countries and as a less costly development model for them.
Accordingly, we welcome the opportunity of holding the UN Conference on South-South Cooperation scheduled for 1st to 3rd December 2009 in Nairobi. Every effort should be made to make this Conference a success.
I would not remiss this opportunity to pay tribute to the Permanent Representative of Sudan and his excellent team for the commendable stewardship they have demonstrated in leading the Group in the current year. I would also like to take this opportunity to congratulate Yemen for taking the helm in 2010. We are confident that our Yemenis colleagues will make their utmost effort to advance the common causes and aspirations of the Group.
Thank You Mr. Chairman.