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G-8 Denver Summit Fact Sheet released by the Bureau of Economic and Business Affairs, U.S. Department of State, May 5, 1998

The Denver Summit of the Eight, held June 20-22, 1997, marked the full integration of Russia into the political discussions. Leaders at the summit agreed on a strategy for promoting development in Africa and on the importance of shaping the forces of integration and globalization to ensure prosperity and peace. Leaders also emphasized the importance of promoting active aging, employment, and small and medium-sized enterprises. The leaders called for efforts to combat money laundering, transnational organized crime, and terrorism and agreed on the importance of United Nations reform.

G-7 Finance Accomplishments

• Reaffirmed the reform program for the international financial institutions (IFIs) begun at Halifax, including efforts to improve IMF surveillance of the global monetary system and increased focus on fighting corruption.
• Called for amendment to the IMF Articles of Agreement to give the IMF a mandate to promote capital account liberalization. Further called for appropriate transparency in the Fund's activities with member countries. Asked the IMF Board to work toward completing the Eleventh General Review of quotas.
• Endorsed the World Bank's Strategic Compact, in particular the emphasis on poverty eradication, partnership with the private sector, building institutional capacity, transparency, good governance, and concentration of operations in countries committed to sound polices and the welfare of all citizens.
• Welcomed substantial progress to date in implementing the Heavily Indebted Poor Countries (HIPC) debt relief initiative for eligible countries that implement bold reform programs, and urged further progress.
• Called on the Financial Action Task Force to review ways to advance its work in leading the international fight against money laundering, including consideration of expanding its membership, support of the IFIs, and cooperation with the financial services industry.
• Committed to negotiate constructively toward the goal of achieving a WTO agreement on financial services by the end of 1997.
• Endorsed the timetable and action plan for continued trade liberalization contained in the Uruguay Round agreements, to include efforts to further integrate least-developed countries into the trading system.

G-8 Political and Economic Accomplishments

• Agreed on a strategy for assisting sustainable development in sub-Saharan Africa through an emphasis on democracy, market-based reforms, transparency, and good governance. Committed to efforts in the World Trade Organization (WTO) to ensure adequate market access for sub-Saharan African countries. Considered ways to enhance opportunities for the most needy African countries that are undertaking effective reforms. Affirmed the importance of well-targeted development assistance in supporting broad-based reforms.
• Agreed on the importance of active aging. Pledged to review ways to remove barriers to continued labor-force participation by older people. Called for an examination of the economic and fiscal impact of aging populations.
• Highlighted the need to enhance employment creation through structural reforms that will increase labor and product market efficiency and noted the importance of small and medium enterprise in this effort.
• Pledged to forge a strong agreement on climate change at the Kyoto Conference on the UN Framework Convention on Climate Change to include quantified and legally binding emissions targets.
• Called for the Special Session of the UN General Assembly to encourage the Committee on Sustainable Development to develop a practical plan to address freshwater-related issues.
• Committed to promote more effective coordination of international responses to outbreaks of infectious diseases, to work to accelerate AIDS vaccine research, and to improve scientific cooperation.
• Pledged an intensification of efforts to combat production, trafficking, and use of illicit drugs.
• Requested intensified diplomatic efforts to ensure that all States join by the year 2000 the international counterterrorism conventions specified in the 1996 UN resolution on measures to counter terrorism.
• Welcomed Secretary General Kofi Annan's UN reform proposals and supported their rapid implementation. Called for financial reform to proceed concurrently.
• Committed to work for speedy adoption of an International Labor Organization Convention on the eradication of intolerable forms of child labor and pledged new efforts to protect vulnerable groups.
• Committed to submitting proposals to legislatures, by April 1, 1998, to criminalize bribery of foreign public officials and urged prompt elimination of the tax deductibility of such bribes.
• Called on all States to sign and ratify the Comprehensive Test Ban Treaty to ensure its rapid entry into force. Welcomed the entry into force of the Chemical Weapons Convention. Determined to negotiate a legally binding and effective verification mechanism to reinforce confidence in the Biological and Toxin Weapons Convention.
• Called for conclusion of an effective, legally binding international agreement to ban anti-personnel landmines.

Regional Situations

• Endorsed efforts by the UN Special Commission to eliminate Iraq's weapons of mass destruction capabilities and to monitor compliance.
• Called on North Korea to halt its development, deployment, and export of ballistic missiles.
• Welcomed emergence of a high-level dialogue between India and Pakistan.
• Pledged to reinvigorate the Oslo Accords and Middle East peace process, including efforts to enhance economic integration and cooperation. Urged donors to fulfill pledges made in support of the peace process.
• Called on Iran to stop supporting extremist groups that seek to undermine the Middle East peace process. Called on all States to stop cooperation with Iran that might enhance its efforts to acquire nuclear weapons capabilities.
• Endorsed the UN Secretary General's efforts to build dialogue and negotiation among Greek-Cypriot and Turkish-Cypriot communities.
• Encouraged Ukraine to tackle the challenges of reinvigorating economic reform; noted progress in implementing the 1995 Memorandum of Understanding on Chernobyl closure, and reaffirmed the commitment to assist Ukraine in mobilizing funds for energy projects.
• Called for all Albanian parties to work together to ensure peaceful elections to reinforce democracy and reestablish order and public safety.

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