sentences:  Moreover, tariffs imposed by the G8 and other developed countries on imports are the major hurdles in the way of improving the living standard of the peoples of the developing and under developed countries through export led growth.The G11 argues that it is in the interest of the G8 and others to enter into arrangement with the indebted countries and convert the debts into assistance for social development projects so that the poor masses could reap the fruits of development.This would help in reducing the gap between the rich and the poor, create more job opportunities, alleviate poverty and contribute to creating an atmosphere of goodwill, fraternity and understanding among the peoples leading to the cherished objective of prosperity, peace and stability around the globe.