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Ottawa, November 16, 2001
2001-104

Finance Minister Says Terrorists Will Not Stop Global Cooperation

The world community must use the same energy it has dedicated to the fight against terrorism to ensure the benefits of globalization are shared by all, especially the world’s poor, Finance Minister Paul Martin said today.

"The physical assault levelled against us is being met by an international coalition of nations, faiths and force that will not fail," the Minister said. "We must dedicate ourselves to the cause of economic security for all people, just as surely as we have dedicated ourselves to the cause of physical security."

Minister Martin made his comments in a luncheon speech co-hosted by the Reinventing Bretton Woods Committee and The Conference Board of Canada.

The address, entitled Globalization, Terrorism and the World Economy, comes on the eve of the G-20 meeting in Ottawa, a gathering of ministers of finance and central bank governors from 19 countries and the European Union, and representatives of the World Bank and International Monetary Fund. Minister Martin is the Chair of the group.

In his speech the Minister said the G-20 has three goals for its third annual meeting:

• dealing with the economic impact of September 11;

• agreeing to a global action plan to combat terrorist financing; and

• ensuring that globalization works for all – especially for the poorest.

Minister Martin also said that the September 11^th terrorist attacks aimed to freeze economic and financial activity, create new barriers between economies and destroy business and consumer confidence.

"Economies cannot withdraw their links; we must make them stronger. International and multilateral tools cannot be laid aside; we must take them up as never before," the Minister said. "This must be the spirit we adopt for this weekend’s meetings."

The G-20 conference begins tonight with a working dinner at the Château Laurier and continues tomorrow morning from 8:30 to 12:30 at the Government Conference Centre (GCC). Immediately after the meeting, Minister Martin, accompanied by Bank of Canada Governor David Dodge, will hold a press conference at the GCC.

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