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P Chidambaram to attend G-8 meet in Moscow

China, Brazil and South Africa have been invited, besides India, by G-8 rotating President Russia for the meet.

india Updated: Feb 10, 2006 16:13 IST

Finance Minister P Chidambaram will attend a meeting of G-8, the group of the world's eight richest nations, in Moscow on Saturday.

"Role of the G-8 nations in the world economy and the Doha round in view of the outcome of Hong Kong WTO meet on trade will be discussed," Russian Finance Minister Alexei Kudrin said.

Finance Ministers of the G-8, i.e., Britain, Canada, France, Germany, Italy, Japan, Russia and the United States will be present at the meeting.

China, Brazil and South Africa have been invited, besides India, by G-8 rotating President Russia for the meet. China will be represented by a Deputy Finance Minister.

Russia, in spite of having G-8 presidency, will not be a full fledged member of the financial club and the meeting would take place in G-7 plus Russia format.

Russia is the only country of the G-8 which is still to join WTO and make its national currency fully convertible to allow free movement of capital across the national borders.

Kudrin announced at a press conference that the Russian Rouble would be made fully convertible and all restrictions on the free movement of capital, investments and repatriation of profit would be lifted for Moscow's full-blooded participation in the financial matters of G-8 by January 1, 2007.

First Published: Feb 10, 2006 16:13 IST