Hamdan talks of new world order.
Dubai The global financial crisis demonstrated the dangers of ignoring growing economies like China, India, Brazil and the Gulf Cooperation Council (GCC) states, Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, told a gathering of experts at the Madinat Jumeirah Hotel yesterday.
"The crisis showed the failure of a small group of industrialised states to adequately manage the global economy," he said after officially inaugurating the Global Agenda Summit.
Shaikh Hamdan, who is also chairman of the Dubai Executive Council, oversees the growth and development of Dubai's economy, projects and domestic policies.
"We are thankful that this session is being convened in an environment better than that of the first session, when the international financial crisis was at its peak. The world now is more optimistic about recovery and about advancing economic growth.
"The positive indications in the international economy are on the rise u and emerging economies are recording strong growth rates," he told the audience that included His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and senior Dubai Government officials.
"I am confident that it will not take a long time for the global economy to recover from the effects of the financial crisis. I am also confident that the renewal of economic growth will be measured and sensitive to the proper use of resources and the capacity of societies to properly deal with the consequences of that growth," he said.
Shaikh Hamdan stressed that there is no question that the world is changing rapidly.
"The centres of power will keep shifting, issues will mix, the public interest may clash with private ambitions, and ideas will conflict with one another, sometimes in contradiction of common sense. All this is likely to happen even as societies everywhere keep integrating into the global matrix through the process we call globalisation.
Shaikh Hamdan appreciated global powers engaging larger stakeholders in the global recovery u moving from unilateralism to multilateralism.
"We notice new inclinations on the part of major powers that emphasised peaceful efforts rather than threats and conflicts; dialogue rather than estrangement; multilateralism rather than unilateralism.
"We want these trends to be supported, deepened, and extended to tackle global economic, security, political, health, social and ecological challenges."
Shaikh Hamdan also stressed the need to broaden the global stakeholder base in decision making.
"We have seen the G7 states broaden into the G20, holding three summit meetings within one year."
He added: "We also have seen positive signs concerning the upcoming environmental summit in Copenhagen. We hope that these indications develop into binding agreements at the Copenhagen Summit next month.
"I fully realise that we do not live in a world fully shaped by ideals. I also realise that an enhancement of international cooperation is often necessitated by crisis.
"I know that achieving true international cooperation requires the emergence of a new world order, which is not an easy feat.
"We know that crises involve risks u but they also create opportunities. While the global community's collective efforts succeeded in containing the dangers posed by the international financial crisis, we have been given an opportunity to closely examine the deep roots of that crisis."
Shaikh Hamdan said the financial crisis showed the dangers of marginalising the government's role in supervision of markets. "The undermining of international financial institutions was another danger," he said.
GLOBAL AGENDA 2009 DUBAI
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