German President advocates new world order

From Edmund Mingle, Abuja
Monday, November , 10 2008

The German President, Horst Kohler has strongly advocated a new regulatory framework for the global economy to make the wealth generated more meaningful to the global population.

“It is time for a new regulatory framework for the global economy which makes capital the servant, not the master, and it which combating poverty and climate change is defined as a strategic task for each and every on of us,” he said.

Speaking in the context of the global financial crisis at the opening of the fourth Partnership with Africa Forum in Abuja on Friday, urged the G20 summit scheduled to take place in Washington on November 15, to consider putting in place measures to make the economy of the developed world more open and beneficial to Africa.

The Group of 20 most powerful countries in the global economy, is expected to meet to assess the financial crisis and agree on a common set of principles for reform of the regulatory and institutional regimes for the world's financial sectors.
According to President Kohler, the financial crisis has shown that even the most powerful economic were vulnerable to shocks, and therefore, it should afford the developed countries to learn and rethink their economies.

“We can lay milestones for a new, cooperative world order,” he said, adding that their future actions should be coordinated and sustained.

He was of the view out of the lessons from the crisis, the developed countries do well to derive greater modesty from it and cooperate more with poorer countries.

“Egoism today means caring about others too,” he said.

He told the delegates at the forum which created a platform for frank and open discussion on how to remove barriers hindering quality partnership between Africa and Germany and Europe in general, he said there was need for a new world order in a spirit of cooperation.

Such a new world order, he said could ensure that there were unconditional multilateral trade systems, serious commitment to tackle conflicts and climate change, as well as comprehensive plans to support poorer countries.

The forum, initiated by the German President four years ago to create a platform for dialogue among African and German leaders and stakeholders to discuss ways of making the partnership between Africa and Germany more productive, had the theme, “Barriers to partnership- how to overcome them.”

Hosted by Nigerian President Umaru Musa Yar'Adua and the German President, the forum was Vice President Alhaji Aliu Mahama of Ghana, President Blaise Compaore of Burkina Faso and Meles Zenawi, Ethiopian Prime Minister, along with Dr. Mohamed Ibn Chambas, President of the ECOWAS Commission and 50 selected prominent personalities in politics, business, industry and civil society from across Africa and Europe.

Opening the forum, the Nigerian President lauded the objectives of the forum and asked all stakeholders to view the partnership between the two continents with “new hope, mutual trust and respect.”

That, he said would engender a formidable platform for genuine partnership and cooperation.