Chinese President Hu Jintao and the Leaders of Brazil, India, Mexico and South Africa, gathered in Sapporo, Japan, on 8 July 2008. The five leaders issued a Political Declaration on issues including world economy, food security, climate change, energy security and the UN Millennium Development Goals:

The leaders recognize that the interrelationships of a global economic slowdown marked by financial uncertainty, the persistence of trade protectionist distortions, soaring food and oil prices, and the threats posed by climate change add complexity to the current scenario.

On world economy, the leaders point out that the global economy continues to expand, but at a slower rate. Most emerging and developing economies have proved resilient so far to adverse circumstances. Nevertheless, the international community as a whole faces important policy challenges to maintaining financial stability and mitigating global economic risks. Headline inflation is of particular concern.

The leaders reaffirm their commitment to the establishment of a stable, orderly, and more transparent and legitimate international financial system, . The voice and representation of developing countries in the decision making of international financial institutions should be significantly improved, especially at the International Monetary Fund and the World Bank. The global financial architecture and its surveillance capacities must be also strengthened to contribute to the prevention and resolution of potential financial crises and support sustainable development. It is necessary to improve international financial institutions to ensure global liquidity security and smoothen the supply shocks derived from higher food and oil prices, especially in support of least developed and middle income countries.

On food security, the leaders recognize that the rise in global food prices poses a new challenge to the fight against poverty and hunger. To ensure food security is a shared responsibility that calls for swift and resolute action by all Governments and relevant actors under the leadership of the United Nations and its relevant agencies.

The leaders point out that the multi-billion agricultural trade-distorting support in developed countries have hampered the development of food production capacity in developing countries, critically reducing their possibilities of reaction to the present crisis. They therefore reaffirm the imperative of creating an enabling international environment for agro-produce related trade, establishing a just and reasonable international trade regime for agricultural products and concluding the Doha Round with meaningful commitments to agricultural subsidies reductions. Also, it is necessary to combat speculation and minimize the use of measures that could increase volatility of international food prices. The current food security crisis has multiple and complex causes whose assessment requires objectiveness. It is essential to address the challenges and opportunities posed by biofuels, in view of the world's food security, energy and sustainable development needs. Countries need to review their public policies to make sure that production of biofuels contribute to sustainable development and the well-being of the most vulnerable people and do not threaten food security.

On climage change, leaders urge the international community to address the challenge of climate change through long term cooperative action in accordance with the United Nations Framework Convention on Climate Change (UNFCCC) and its Kyoto Protocol, especially the principle of common but differentiated responsibilities and respective capabilities. The five countries take their responsibilities seriously and welcome the Bali Action Plan and the Bali Roadmap and are committed to the completion of negotiations by 2009.

The leaders point out that it is essential that developed countries take the lead in achieving ambitious and absolute greenhouse gas emissions reductions in accordance with their quantified emission targets under the Kyoto Protocol after 2012, of at least 25-40 per cent range for emissions reductions below 1990 levels by 2020, and, by 2050, by between 80 and 95 per cent below those levels, with comparability of efforts among them. The Leaders also urge the international community, particularly developed countries, to promote sustainable consumption patterns and lifestyles responsive to mitigation requirements.

The leaders state that the five countries are committed to undertaking nationally appropriate mitigation and adaptation actions which also support sustainable development, and developed countries should commit clearly to significant additional financing to support both mitigation and adaptation in developing countries.

On energy security, the leaders call upon the international community to strengthen overall cooperation on energy development and utilization, with emphasis on renewable energy and energy efficiency and giving adequate consideration to solar, wind and hydro-electrical power, and bio-fuels such as ethanol and bio-diesel without adversely affecting food security. More efforts should be made to develop clean energy technologies that are affordable and environment-friendly, ensuring that these technologies be adequately transferred to developing countries. It is important to take an integrated approach to international energy cooperation and international development cooperation to ensure access to energy by developing countries in an equitable and sustainable manner.

On Millennium Development Goals and Monterrey Consensus, the leaders stress that it was stated in the Monterrey Consensus that the international community agreed to work in a coordinated manner to support global development by mobilizing domestic resources, attracting international resource flows, developing innovative financial mechanisms, expanding international trade, increasing international financial and technical cooperation, achieving sustainable debt financing and debt relief, and enhancing the coherence and consistency of the international monetary, financial and trading systems.

The leaders emphasize that the world has reached, with uneven success, the mid-point in the process to achieve the Millennium Development Goals, particularly in the least developed countries in Africa and other regions, the international community should join efforts to preserve financial stability and resume the path of vigorous and sustainable economic growth as necessary conditions to attaining these goals. The five countries urge developed countries to renew their resolve to support these processes in the global interest, particularly regarding trade openness, the fulfillment of their commitments to allocate at least 0.7% of their GNP to ODA, and the reform to global governance.

On South-South cooperation, the leaders reaffirm the role of South-South cooperation in the context of multilateralism, and the need to strengthen it as an important platform for developing countries to jointly respond to development challenges. They reiterate that South-South cooperation enjoys important comparative advantages and complements rather than replaces North-South cooperation. In this context, the five countries call upon Governments, international organizations and all relevant actors, to support South-South cooperation by fully tapping the synergies of triangular cooperation.

On the role of the G5, the leaders reaffirm that, in fulfilling the shared responsibility as major developing countries, the five countries are determined to continue engaging in all efforts leading to achieve the improved global economic governance and other major global changes required to ensure that globalization works for the benefit of all.