Doha: (Agencies: 2/12/2008): The Doha International Conference on Financing for Development on reviewing the implementation of the Monterrey Consensus last night managed to persuade the EU-and the United States to iron-out their differences over article 58 of the proposed draft of the Doha out come document.
The article calls for convening a major international conference to review the international financial and monetary architecture and global economic governance structures. Other points of contention between the two sides included climate and external debt-a headache issue to developing nations.
Press reports also spoke of sharp differences over climate between the United States and G77 (Group of 77 Underdeveloped countries) but thanks to EU mediation the differences were resolved and appropriate wording was finally accepted by both sides.
Official conference spokesman, Mr. Maher Hassan announced the agreement after an unofficial ministerial and heads of delegates meeting held on the sidelines of the conference last night.
The draft Doha outcome document is expected to reaffirmed the goals and commitments of the 2002 Monterrey Consensus comprising: Mobilizing domestic financial resources for development, Mobilizing international resources for development: foreign direct investment and other private flows, International trade as an engine for development, Increasing international financial and technical cooperation for development , External debt, And, addressing systemic issues: enhancing the coherence and consistency of the international monetary and financial and trading systems in support of development.
The declaration will also list other new challenges and emerging issues.