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G7 pledges to avoid protectionism G7 pledges to avoid protectionism
(30 minutes later)
Leading industrial countries have pledged to avoid protectionism as they battle the global economic crisis.Leading industrial countries have pledged to avoid protectionism as they battle the global economic crisis.
Finance ministers at a G7 meeting in Italy said raising barriers to free trade would make the downturn worse.Finance ministers at a G7 meeting in Italy said raising barriers to free trade would make the downturn worse.
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 a '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.G7 ministers said stabilising the world economy and financial markets was their priority. They said they would work together to support growth and jobs.
All countries need to sustain a commitment to open trade and investment policies Timothy Geithner, US Treasury Secretary Obama hails bail-out 'milestone'All countries need to sustain a commitment to open trade and investment policies Timothy Geithner, US Treasury Secretary Obama hails bail-out 'milestone'
The 'Buy America' clause has raised fears that protectionism could be growing in America, the world's largest economy. The 'Buy American' clause has raised fears that protectionism could be growing in 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.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. 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. "We agree that a reformed IMF, endowed with additional resources, is crucial to respond effectively and and flexibly to the current crisis," the ministers' statement said.
Other points included:
  • praise for recent economic moves by China;
  • help for banks; and
  • the need for a speedy end to the Doha talks on world trade
The G7 comprises the US, the UK, Japan, Germany, France, Italy and Canada.
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.