Arab League leaders, along with 12 heads of state and governments in South America, approved the Doha Declaration after a one-day gathering which focused on boosting trade ties between the two groups.
The declaration reaffirmed the importance of convening an international conference to discuss the financial crisis and seek solutions.
“It is necessary to confront together the disastrous repercussions of the financial crisis. I regard what we have achieved today as a quantum step forward,” Chilean President Michele Bachelet, who is also the chairman of the Union of South American countries, told a press conference after the conclusion of the Second Summit of Arab and South American States.
The participants insisted on the “necessity of establishing an international financial system that prevents financial speculation and takes into account adequate regulations” of the markets.
Arab League Secretary General Amr Moussa said there would be co-ordination among the leaders of Saudi Arabia, Brazil and Argentina at the G20 meeting opening in London tomorrow.
Moussa hailed Brazilian President Luiz Inacio Lula da Silva, saying that he was “the motivating force” behind the co-operation initiative between the Arab League and Latin American states.
Addressing the closing session, HH the Emir Sheikh Hamad bin Khalifa al-Thani hoped that the Doha Declaration would be a significant step in boosting the strategic ties between the two regions.
The declaration stressed the importance of political co-ordination and economic and cultural co-operation between the two regions to deal with the common concerns.
Venezuela’s President Hugo Chavez, addressing the closing session, said his country supported a proposal to find an alternative for the US dollar as the international reserve currency.
“Venezuela is providing full support to Russia, China and Iran to find another currency for international reserve,” he said.
The Doha Declaration did not mention specifically the International Criminal Court (ICC) arrest warrant against Sudanese President Omar al-Bashir.
