G20 pledges to support economic growth, free trade

Los Cabos (Mexico) -  Leaders of G20 nations have pledged support to economic growth by strengthening demand and restoring investors' confidence and vowed to remove barriers to  cross-border trade.

“We are committed to adopting all necessary policy measures to strengthen demand, support global growth and restore confidence,” G20 leaders said in a declaration released at the end of  the two-day summit here Tuesday.
The declaration endorsed by the leaders, includinh Indian Prime Minister Manmohan Singh, US President Barack Obama, German President Angela Merkel, Chinese Prime Minister Wen  Jiabao and Russian President Vladimir Putin, pledged all possible support to global economic recovery.

“Strong, sustainable and balanced growth remains the top priority of the G20, as it leads to higher job creation and increases the welfare of people across the world,” it said.

“We will implement all our commitments in a timely manner and rigorously monitor their implementation,” leaders from developed as well as emerging nations said in the declaration.

Leaders of the Group of 20 (G20) nations agreed to refrain from any protectionist measures and remove barriers to cross-border trade.

“We are firmly committed to open trade and investment, expanding markets and resisting protectionism in all its forms, which are necessary conditions for sustained global economic recovery, jobs and development,” it said.

“We underline the importance of an open, predictable, rules-based, transparent multilateral trading system and are committed to ensure the centrality of the World Trade Organization  (WTO),” it added.

The leaders extended by one year their vow not to put up new trade barriers at the G20 summit and pledged to roll back any new protectionist measure that may have arisen, including new export restrictions and WTO inconsistent measures to stimulate exports.

The G20 nations also reiterated their commitment to work towards concluding e Doha round negotiations of the WTO, including outcomes in specific areas where progress is possible, such  as trade facilitation, and other issues of concern for least developed countries.

However, the leaders did not give any deadline for the conclusion of the stalled Doha round of the WTO talks.

On oil price, G20 leaders said requested producing countries to ensure appropriate level of supply.

Wide fluctuations in crude oil and other commodities prices have negatively impacted emerging economies like India.

“G20 members will remain vigilant of the evolution of oil prices and will stand ready to carry out additional actions as needed, including the commitment by producing countries to continue to  ensure an appropriate level of supply consistent with demand.

“We welcome Saudi Arabia's readiness to mobilise, as necessary, existing spare capacity to ensure adequate supply. We will also remain vigilant of other commodity prices,” the declaration  added.