India, Brazil to gain most from G-20: US

WASHINGTON: The US has said countries like India and Brazil have the most to gain from G-20 and they should ensure that the grouping emerges as the premier platform for multilateral economic cooperation. “I think Brazil and India are among those countries that actually have the greatest to gain, and have been among the strongest supporters of the G-20 ,” a senior treasury department official told reporters on Thursday, ahead of this weekend's G-20 meeting of finance ministers in Seoul , South Korea.

Finance minister Pranab Mukherjee and US treasury secretary Timothy Geithner, among others, are slated to attend the meeting.

The official said the G-20 needs to grapple with a set of economic challenges facing the global economy in a way that results in a stronger framework for cooperative action. He said the role of emerging markets in global economic affairs is being recognised by their inclusion in the G-20.

Hence, it is in their interest that the G-20 emerges as the “premier locus for multilateral cooperation on issues of financial and economic functioning” , he added.

The official said an agreement covering various global issues was “within sight” and it would lead to a very important shift towards dynamic emerging markets.

On the International Monetary Fund reforms, he said, “With regard to the composition of the (IMF) Board, we also believe that it's extremely important to see the composition of the board evolve in line with the growing role and responsibilities of the dynamic emerging markets in the system.”