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Jaswant calls for global teamwork to fight slowdown

India on Saturday said the spirit of co-operation, consultation and collaboration amongst various countries was the need of the hour to overcome the prolonged global slowdown and financial crisis in several parts of the world.

"For these, solutions can be found only in a spirit of co-operation, consultation and collaboration. It is this spirit that has been the hallmark of the forum," Finance Minister Jaswant Singh said in his opening remarks at the G-20 ministerial meeting in New Delhi.

Stating that G-20 accounted for 63 per cent of the world population, 81 per cent of the world GDP, 63 per cent of the world trade and 95 per cent of the global capital flows, Singh said the distinguishing feature of this group has been the platform it provided for bringing together policy makers of the developed and important emerging market economies.

"This has greatly facilitated building up consensus, formulating a shared vision and calibrating a common approach to issues of contemporary relevance in the wider interest of the community," he said

Noting that the expectation from this meeting was high, Singh said it was his belief and hope that the meet would make an advance in deepening understanding of the problems facing the world economy today and in collectively and constructively sharing the common concerns and aspirations.

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