DOHA, Qatar (AFP) — South American and Arab leaders agreed on Tuesday that financial speculation needs to be fought to tackle the global economic crisis but did not agree on the case of Sudan's president, who is wanted for alleged war crimes in Darfur.

Ahead of Thursday's G20 forum in London, leaders of the 22-member Arab League and 12 South American states staged their second summit in four years in the Qatari capital, Doha, aiming to create political and economic fronts.

The final declaration said that "in addition to international efforts, instruments of financial cooperation should be put in place."

The participants insisted on the "necessity of establishing an international financial system that prevents financial speculation and takes into account adequate regulations" of the markets.

But the declaration did not include any mention of Omar al-Beshir, president of Arab League member state Sudan, wanted by the International Criminal Court, but simply called for "an urgent solution to the crisis in Darfur".

It highlighted the "importance of defending human rights" there, where war has left 300,000 people dead since 2003, according to the United Nations. Khartoum puts the number of deaths at 10,000.

South America and the Arab world are geographically far apart, but each contains a major oil producer, with Venezuela and Saudi Arabia among the world's top exporters.

Gulf kingpin Saudi Arabia is the only Arab nation that will join emerging countries at the summit of the Group of 20 most industrialised and developing nations, which will also be attended by Brazil and Argentina.

The summit is aimed at pulling the world economy out of its worst downturn in decades and rewriting the financial rulebooks.

Brazilian President Luiz Inacio Lula da Silva insisted that the Doha gathering provided leaders with "an extraordinary opportunity" to endorse proposals for reform, namely "the reform of international organisations."

"The world will follow carefully to see if South America and the Arab countries are capable of taking measures to prevent the financial crisis from becoming a social and political earthquake," he said.

South American and Arab leaders seek to bolster their economic ties, buoyed by the fact that trade between them has almost tripled to around 18 billion dollars since their first summit in Brasilia in 2005.

Leaders also hope to make progress towards forming an economic partnership and a political alliance in global institutions, diplomats said.

Among the South American representatives that attended are eight heads of state, including Venezuelan President Hugo Chavez.

Chavez, who announced a clampdown on government spending last week to offset tumbling oil revenue, called for a "multipolar world," saying "we think that (the Doha summit) is a good opportunity for this to happen."

"The hour has come for the final fall of the American empire," Chavez told reporters.

Monday's Arab summit in Doha united firmly behind Beshir in rejecting the ICC warrant.

"Why don't they order the arrest of (former US president George W.) Bush, why don't they order the arrest of the Israeli President (Shimon Peres)," Chavez asked.

Lula urged the right-wing incoming Israeli government of Benjamin Netanyahu to resume peace talks with the Palestinians, leading to the creation of an independent Palestinians state.

"It is important for the new government in Israel to commit itself firmly to the peace process and respect peace agreements previously reached," he said.

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