India, Germany to discuss role of emerging economies

November 19th, 2008 - 6:13 pm ICT by IANS  

New Delhi, Nov 19 (IANS) Less than a week after the G20 summit on international financial crisis concluded, foreign ministers of India and Germany Thursday will discuss the role of emerging economies in bringing stability to the volatile global financial markets.External Affairs Minister Pranab Mukherjee will discuss a wide range of bilateral, regional and global issues with his German counterpart Frank-Walter Steinmeier during the delegation-level talks between the two sides.

The German minister arrives here for Foreign Office consultations on a three-day visit Wednesday night. He will go to Bangalore Friday to open a consulate general there.

The situation of the financial markets, the role of the emerging economies in stabilising the world economy and solutions to global challenges such as climate change will figure in discussions, the German embassy said in a statement here Wednesday.

India was among leading emerging economies that participated in the G20 summit in Washington Nov 15 that brought together leaders of developed and developing countries to address issues relating to the global financial crisis.

The situation in Pakistan and Afghanistan will also figure in discussions. India is likely to share its perception of escalating violence in Afghanistan and the trans-national terror network in the region, official sources said here.

Mukherjee will thank Germany for supporting India’s quest for global civil nuclear cooperation in the International Atomic Energy Agency (IAEA) and the 45-nation Nuclear Suppliers Group (NSG).

Steinmeier will also call on Prime Minister Manmohan Singh, himself a renowned economist, and discuss with him India’s role in checking the global financial downslide.

Germany, one of the world’s leading economies and an influential player in the 27-nation European Union (EU), has been hit hard by the financial meltdown that originated in the US and soon enveloped the developed European countries.

The German minister will also call on Leader of Opposition L.K. Advani of the Bharatiya Janata Party (BJP) in New Delhi before heading for Bangalore Friday morning.

Bilateral trade between the two countries are steadily growing. With the two-way trade exceeding $15 billion, Germany is India’s most important trade partner in the EU. German companies are among the top foreign investors in India while more and more Indian companies are investing in Germany.

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