(9 May 1998) English/Nat

Foreign and finance ministers from the world's most powerful industrial nations held talks in London on Saturday on a series of international issues.

Financial assistance to Asian nations jolted by the currency crisis continues to be a priority - and there also exists the possibility of winding down sanctions on Iraq.

The Group of Eight (G-8) ministers also supported duty-free electronic commerce, including transactions through the Internet.

G-7 foreign and finance ministers met again on Saturday for another day of bilateral meetings and group sessions.

U-S Secretary of State Madeleine Albright was among the many high profile dignitaries from the top seven industrialised nations holding discussions.

British Chancellor of the Exchequer Gordon Brown recommended to his fellow ministers four key measures to protect against future problems by improving international financial transparency.

The plan included the introduction of International Monetary Fund (I-M-F) codes of good practice on fiscal matters, monetary and financial policy and accounting and corporate governance.

In a statement issued after their meeting in London, the G-8 ministers said they recognised the importance of official support for developing countries which are seeking to tackle deep-seated social and economic problems.

The G-8 nations called for international cooperation to prevent social unrest resulting from economic issues from developing into political crises.

SOUNDBITE: (English)
"We are agreed that there needs to be more flexible funding of aid and technical assistance programmes for developing countries working in partnership with recipient countries.. we believe that the international institutions can take action in these areas. We also agreed that our export credit agencies should insure that the export credits to the poorest countries are being used for productive expenditure and we welcome the progress which has already been made on implementing debt relief for the poorest countries."
SUPER CAPTION: Gordon Brown, Chancellor of the Exchequer

In an apparent reference to crisis-hit Asian nations such as Indonesia, the statement stressed the importance of more developing countries making the necessary reforms to attract flows of foreign direct investment.

Among the Asian nations hit by the currency crisis, Indonesia is now facing rising social unrest, following its implementation of strict policies aimed at restoring the economy and stabilizing its financial markets.

As well as the Asian financial crisis, ministers also discussed Iraq.

It was reiterated that if Iraq opens up its sites fully to U-N Weapon Inspectors, there is the possibility that sanctions will be lifted.

SOUNDBITE: (English)
"If Iraq wants to give full compliance to the relevant security council resolutions then the International Community could begin the process of winding down the sanctions."
SUPER CAPTION: Robin Cook, British Foreign Secretary

This weekend's meeting comes before a summit, hosted by British Prime Minister Tony Blair, of G8 heads of government in Birmingham next weekend.

At that summit, leaders will focus on promoting jobs and combating unemployment, and clamping down on organised crime.

Although the G-7 is made up of the United States, Britain, Germany, Italy, Canada, France and Japan, Russia is also participating in most of the two-day sessions.

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