The resolution on the economic and financial crisis during the Joint ACP-EC Council of Ministers meeting held on 28 and 29 May 2009 is now available.
The Council is seriously concerned about the impact of the economic and financial crisis on ACP countries and the additional challenges it poses to the achievement of the Millennium Development Goals (MDGs). Hence, the Council stressed the need for a global and concerted approach to tackle the crisis and for continued strong solidarity between the European Union and ACP countries.
They called for a reform of the current international financial system and enhanced developing country representation in international financial institutions. Furthermore, the Council insists on effective and flexible allocation of the additional resources decided by the G20, so as to ensure equitable access by all, in particular the worst affected countries.
The Council emphasized the importance of achieving ODA targets by 2010 and 2015 and mobilising all possible sources of financing for development. They stated that measures should be taken to support ACP countries in their efforts to meet the MDGs and mobilise the domestic resources for development including through their tax and customs systems. In this context,the Council stresses the importance of the fight against illicit capital flight, including tax evasion and fraud. Vulnerable ACP countries should be protected with the help of all available instruments to ensure delivery of key social services and safety nets.
The Council expresses its wish to work together and to seek alignment of EU and ACP positions in view of the UN High-level Conference on the World Economic and Financial Crisis (New York, 24-26 June 2009) in order to support a successful outcome.
The Council recalled the importance of ACP regional integration and calls on the ACP regions to reinforce cooperation in response to the crisis. The Council also noted the importance of elaborating national response plans in consultation with non-state actors in the context of national development strategies.
The importance of maintaining an open, equitable and transparent trading system, especially in times of economic crisis and calls for an early, ambitious, balanced and comprehensive agreement at the WTO Doha Development Round, which should contain real value for developing countries, particularly the poorest. In this context, the Council notes the special concerns of small and vulnerable economies. The Council stressed the importance of a flexible approach, which will facilitate progress towards comprehensive, regional, WTO compatible and development-oriented Economic Partnership Agreements (EPAs).
The Council recognized that the financial crisis could have negative consequences on the debt sustainability of ACP countries, and acknowledges the need for initiatives and mechanisms to address the issue of indebtedness of affected countries so as to avert an increase of the number of highly indebted poor countries.
The Council stressed the importance of better aid and agrees to fully exploit possibilities for greater aid effectiveness, policy coherence, donor coordination and predictability of aid, notably by accelerating the implementation of the Accra Agenda for Action.
