India, Africa seek cooperation to combat price rise

Concerned over disturbing trends in global economy, India and African nations on Wednesday called for increasing economic cooperation to combat the menace of rising food and energy prices.

"We remain concerned with the recurrent trend of global crisis...such as the global food, energy and financial crisis. While recognising the current economic recovery, we are still concerned with its sustainability", said the Africa-India Forum Summit declaration.

The eight-page Addis Ababa Declaration was adopted at the end of the two-day Africa-India Forum Summit, co-chaired by Prime Minister Manmohan Singh and Equitorial Guinea President Obiang Nguema Mbasogo.

The major economies need to work together and enhance macro-economic policy coordination to deal with global issues, the declaration said, adding Africa should be given fair representation in important international forum like G20.

Making a case for enhancing long-term capital flow towards developing nations, the declaration said, it would help in enhancing global demand in addition to ensuring long-term sustainable growth and addressing the problems of developmental imbalances.

The declaration also called for focusing of new avenues for cooperation to add strategic depth to the partnership between India and African nations.

"Areas for such cooperation will include sharing strategies for sustainable development, poverty alleviation, healthcare and universal education, and sharing appropriate technologies", the statement said.

Concerned over little progress towards conclusion of the Doha trade negotiations, the declaration called upon key players "to give priority to resolving all issues of critical concern to developing countries, especially regarding negotiation on agriculture".

The leaders also called upon the nations "to oppose all forms of protectionism and trade distorting domestic support".