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World leaders vow to resist protectionism at G8 Summit
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07:59, July 10, 2009

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G8, G5: make difference this time? - special

Leaders of the Group of Eight (G8) industrialized countries and five emerging economies agreed here on Thursday to resist protectionism and foster a "genuine partnership" in addressing global challenges and promoting the global agenda.

They voiced in a joint declaration after a meeting their commitment to work together on global challenges and to improve international governance to foster a "genuine partnership, in the context of a strengthened multilateralism."

"We will cooperate to ensure that the global economy resumes growth along a balanced, equitable and sustainable path for the benefit of all, especially the most vulnerable," and "will resist protectionism and promote open markets for trade and investment."

The G8 groups Canada, Britain, France, Italy, Japan, Russia, Germany and the United States while the five emerging economies are Brazil, China, India, Mexico and South Africa.

President of the European Commission Jose Manuel Barroso together with the leaders of Egypt and Sweden were also attended the meeting.

They expressed their willingness to "contribute to ensuring food security and energy security" and "support developing countries in withstanding the impact of the crisis and restoring conditions for their future progress.'

"We share a common vision on development and will mobilize resources to respond to the development emergency and to advance in the achievement of the internationally agreed development goals including the Millennium Development Goals (MDGs)," the document said.

Saying that the economic and financial crisis has clearly reinforced the need for enhanced international and multilateral cooperation, they had acted more forcefully and cooperated more fully than in any earlier economic crisis.

"We are fully committed to implementing rapidly the Washington and the London Summit decisions, including those to strengthen financial regulation and reform International Financial Institutions (IFIs), and to provide them with adequate resources," it added.

"It is further important to ensure that developing economies, in particular low income countries, are able to cope with the effects of the crisis."

The leaders decided to change the Heiligendamm Process into the Heiligendamm-L'Aquila Process (HAP) to make it "a results-oriented process, focusing on global challenges of common and crucial interest to our countries."

They decided to continue their partnership over the next two years on an equal footing and would instruct the HAP Steering Committee to organize the necessary actions and to prepare a substantive report for the Muskoka Summit in 2010, "where we will review progress and provide guidance for the next steps of our common work."

"Building on the results achieved through our dialogue, we aim to reinforce our interactions at all levels, with a view to enhance our collective capacity to contribute to advance the global agenda."

The G8 summit in 2007 in Germany's Heiligendamm initiated the process with the five major developing countries to begin an equal and enduring partnership on key issues on the global agenda.

Source: Xinhua

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