Arab Today, arab today clinton urges transparency by statebacked firms
Last Updated : GMT 19:38:02
Arab Today, arab today
Arab Today, arab today

Clinton urges transparency by state-backed firms

Arab Today, arab today

Arab Today, arab today Clinton urges transparency by state-backed firms

Los Cabos - AFP

US Secretary of State Hillary Clinton has urged major economies to ensure transparency by state-backed companies, saying that all countries would benefit from a "rules-based system." Senior officials from the Group of 20 major economies are holding two days of talks in the Mexican resort of Los Cabos, a deliberately informal setting aimed at sparking dialogue ahead of a full G20 summit in June. Some of the world's top diplomats started their day with a group trip to watch the plentiful whales off the coast in the Pacific Ocean. Aides said that Clinton was able to come into close contact with one of the ocean giants. Clinton, speaking later to a sit-down session Sunday, called on the Group of 20 -- which represents some 85 percent of the global economy -- to address the rise of "state capitalism" in the global economy. While acknowledging that the US record was not perfect, Clinton said all countries that "benefit from open, free, transparent and fair competition have a vital interest in protecting it and a responsibility to follow the rules." "Enough of the world's commerce now takes place with the developing economies in this room that the failure of any group of nations to participate in the rules-based system would render the entire system unworkable. And that would impoverish all of us," she said. Clinton said the G20 could find a model in the so-called Santiago Principles, the guidelines offered in 2008 under the International Monetary Fund calling for transparency by state-owned investment bodies known as sovereign wealth funds. "We need to develop similar understandings to ensure that companies compete on a level playing field, whether their owners sit in corporate boardrooms or in government ministries," Clinton said. The United States, where direct government involvement in business is politically taboo, has long complained about what it sees as unfair advantages enjoyed by state-backed companies in emerging competitors such as China. Washington has complained over what it charges is Chinese state support for key industries such as solar and other clean energy. President Barack Obama last week called for China to follo Clinton also voiced hope that the Group of 20 members would work on hotspot issues such as the escalating violence in Syria and the growing tensions over Iran's nuclear program. The Group of 20, formed in 2008 amid the global financial crisis, includes major developed and developing nations. Mexico invited a number of nations outside the usual group including Cambodia and Benin as representatives of Southeast Asian and African nations. However, only nine foreign ministers are taking part in the talks. Russia, China, India and Brazil, which lead the important bloc of emerging economies, are not represented on the ministerial level. Mexican Foreign Secretary Patricia Espinosa, who won wide praise for pushing ahead climate change negotiations in a 2010 conference in Cancun, said the G20 meeting aimed at advancing key issues without the pressure of making immediate decisions. "There are many important issues that affect the lives of billions of people across the world on which the international community is failing to make any discernible progress," Espinosa said. She mentioned issues such as green growth, sustainable development and the rule of law. "It is only natural that governments promote their own interests, but they must do so in a way that takes into account global needs transcending narrow national interests," she said. Meanwhile, G20 finance ministers and central bank heads were expected to meet in Mexico next weekend to discuss way to increase funding for the International Monetary Fund in the face of a financial crisis in Europe.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today clinton urges transparency by statebacked firms Arab Today, arab today clinton urges transparency by statebacked firms

 



Arab Today, arab today
Arab Today, arab today Reveals his participation in "Fashion Star" TV show

GMT 12:49 2017 Wednesday ,01 March

Reveals his participation in "Fashion Star" TV show
Arab Today, arab today Tabarka beauty between sea, mountain

GMT 06:37 2017 Wednesday ,01 March

Tabarka beauty between sea, mountain
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Russia, China veto UN resolution

GMT 07:27 2017 Wednesday ,01 March

Russia, China veto UN resolution
Arab Today, arab today NUMP's conference to discuss proplems

GMT 13:40 2017 Wednesday ,01 March

NUMP's conference to discuss proplems

GMT 06:20 2017 Tuesday ,28 February

Beijing to speed up approval of IPOs

GMT 05:15 2017 Tuesday ,28 February

Funds prepare $2bn oil market play as supply tightens

GMT 05:34 2017 Monday ,27 February

Brexit sows seeds of doubt for British farmers

GMT 06:38 2017 Sunday ,26 February

US rig count increases
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Lasers flesh out dino-bird profile

GMT 12:24 2017 Wednesday ,01 March

Lasers flesh out dino-bird profile
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Najla Badr will participate in “30 Days” drama

GMT 06:23 2017 Monday ,27 February

Najla Badr will participate in “30 Days” drama
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:54 2017 Wednesday ,01 March

Shanghai expands public smoking ban

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:27 2017 Wednesday ,01 March

GSMA: 5 billion mobile phone users in 2017

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday