Wednesday, April 20 2005 13:40 Hrs (IST) - World Time -

Jakarta: Observing that the current world paradigm was defined by globalisation, India today (Apr 20, 2005) said Asian and African countries should act collectively to deal with issues relating to international trading system and global financial architecture to ensure a win-win situation for themselves.

Addressing the Asian-African Ministerial Meeting in Jakarta, External Affairs Minister K Natwar Singh said globalisation was both an opportunity and a challenge and noted how India has benefited from it.

"The situation in 2005 is, in many ways, different from that which prevailed in 1955 (when first Bandung Conference of Asian-African countries was held). While the decline of colonialism and the emergence of power blocs defined the international situation at that time, it is globalisation, which defines today's paradigm," he said.

Singh pointed out that freer movement of trade, capital and technology has led to the expansion of economic growth, employment and social development in many parts of the world, including the developing countries.

"It (free movement), however, also runs the risk of leaving large parts of the world behind and of increasing the gap between the haves and have-nots," the Minister said.