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G7 pledges to stabilise markets G7 pledges to avoid protectionism
(10 minutes later)
Leading industrial countries say stabilising financial markets and the world economy is their top priority. Leading industrial countries have pledged to avoid protectionism as they battle the global economic crisis.
Finance ministers at a G7 meeting in Italy said they would work together to support growth and jobs. Finance ministers at a G7 meeting in Italy said raising barriers to free trade would make the downturn worse.
They called for urgent IMF reform, saying the crisis had shown weaknesses in the world financial system. And they pledged to oppose protectionism. Hours earlier, the US Congress approved an $787bn economic recovery plan that includes a 'Buy American' clause.
Hours earlier, the US Congress approved an $787bn economic recovery plan that includes 'Buy American' clause. G7 ministers said stabilising the world economy and financial markets was their priority. They said they would work together to support growth and jobs.
These have caused some countries to worry about US protectionism. The 'Buy America' clause has raised fears that protectionism could be growing in America, the world's largest economy.
But in a statement after the meeting, new US Treasury Secretary Timothy Geithner dismissed such concerns.But in a statement after the meeting, new US Treasury Secretary Timothy Geithner dismissed such concerns.
"All countries need to sustain a commitment to open trade and investment policies which are essential to economic growth and prosperity," he said."All countries need to sustain a commitment to open trade and investment policies which are essential to economic growth and prosperity," he said.
Ministers also called for urgent reform to the International Monetary Fund, saying the crisis had shown weaknesses in the world financial system.
The G7 comprises the US, the UK, Japan, Germany, France, Italy and Canada.The G7 comprises the US, the UK, Japan, Germany, France, Italy and Canada.
Britain's Chancellor of Exchequer (chief finance minister), Alistair Darling, said the Italy meeting was a stepping stone to a meeting in London in April of the G20 group, which also includes big emerging economies such as China and India. Britain's Chancellor of Exchequer (Finance Minister), Alistair Darling, said the Italy meeting was a stepping stone to a meeting in London in April of the G20 group, which also includes big emerging economies such as China and India.