G-20 leaders promise to keep markets open
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Leaders of the G-20 countries promised to keep their markets open to the opportunities that trade and investment offer in an effort to speed up the recovery from the sharpest decline of trade in more than seventy years led by the ongoing global economic crisis.
They made the remarks in a final declaration issued on Sunday afternoon when the two-day G-20 summit concluded in Toronto, Canada's largest city.
The G-20 leaders said that they are committed to refrain from raising barriers or imposing new barriers to investment or trade in goods and services until the end of 2013, a renewal of further three years.
They will also refrain from imposing new export restrictions or implementing World Trade Organization (WTO)-inconsistent measures to stimulate exports, and commit to rectify such measures as they arise.
"Open markets play a pivotal role in supporting growth and job creation, and in achieving our goals under the G-20 Framework for Strong, Sustainable and Balanced Growth," they said.
"We will minimize any negative impact on trade and investment of our domestic policy actions, including fiscal policy and action to support the financial sector."
The G-20 leaders also reiterated their support for bringing the WTO Doha Development Round to a balanced and ambitious conclusion as soon as possible, consistent with its mandate and based on the progress already made.
"We direct our representatives, using all negotiating avenues, to pursue this objective, and to report on progress at our next meeting in Seoul, where we will discuss the status of the negotiations and the way forward," they said.
The G-20 leaders also ask international agencies, including the World Bank and other Multilateral Development Banks to step up their capacity and support trade facilitation which will boost world trade.
"We commit to maintain momentum for Aid for Trade," they concluded.
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