World leaders Meet For G-8 Summit
Leaders of rich and developing nations want to finally seal a long-delayed world trade deal next year and head off trade wars that could hit world economies as they struggle to emerge from recession, according to a draft of a joint declaration obtained by The Associated Press.
Completing the so-called Doha round of talks has risen up the agenda due to fears that the economic crisis will lead to an upsurge in protectionist policies like the ones that helped cause the Great Depression of the 1930s.
“We reaffirm our commitment to maintain and promote open markets and reject all protectionist measures in trade and investment,” according to a draft of the joint statement signed by 17 nations, including the Group of Eight industrialized countries and five key emerging market economies.