The leaders of India, Brazil and South Africa have criticized rich countries for failing to act quickly to prevent the global financial meltdown. At a summit in New Delhi, they urged Western nations to manage the crisis in a manner that will not hurt their developing economies. Anjana Pasricha has a report from the Indian capital.
After the leaders of India, South Africa and Brazil wrapped up a summit in New Delhi Wednesday, Brazilian President Luiz Inacio Lula da Silva expressed fears that developing countries will not escape if the West is hit by a deep recession triggered by the financial crisis.
The Brazilian leader says it is unfair that poorer nations will have to pay for the irresponsibility of financial speculators in rich countries.
He says the three countries will talk to friends in the U.S. and European Union to take steps so that the effects of the crisis do not reach "less developed countries which did not participate in this financial casino."
South African President Kgalema Motlanthe was equally scathing, saying the ill-conceived decisions of a few have brought the international financial system to the brink of collapse, with dire consequences for developing countries.
The three countries say the voice of emerging nations should be heard on how to manage the crisis.
In a summit declaration, the three countries called for a new international initiative to solve the problem. They say they want tighter financial regulation, and stronger systems of multinational consultations and surveillance.
The finance ministers and governors of Central banks of the three countries plan to meet to coordinate their response to the crisis.
The three countries say they will cooperate to protect their economies, which they say have enough financial reserves and positive trade balances.
Indian Prime Minister Manmohan Singh said the three countries will boost trade.
"The current crisis affecting the international economy has made it that much more important for us to explore one another's markets for mutually beneficial opportunities. It is our expectation that the target of $15 billion for trade by the year 2010 would be achieved. We have accordingly agreed to set a target for trilateral trade of $25 billion by 2015."
The three countries also called for revival of negotiations on world trade talks.
Wednesday's summit was the third between the three countries, which meet annually to boost cooperation and develop common positions on global issues such as world trade talks.