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G20 vows to free up global trade

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G20 vows to free up global trade

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The G20 group of rich and developing nations has vowed to take any policies necessary to address high oil prices and other risks facing the global economy. They have been meeting near Beijing to discuss ways to preserve international economic stability in the face of growing threats. Finance ministers and central bank chiefs urged developed and developing countries to compromise in resolving their trade disputes, which are holding up progress in World Trade Organization talks ahead of a summit in December.

“Unless serious concessions are made by everyone, the Doha round talks will fail, and the people who will suffer the most are the poor people of the world,” said World Bank president Paul Wolfowitz. Members also agreed that the division of national influence over the International Monetary Fund needed changing but remained deeply divided on how to do it. Fast-growing Asian nations are increasingly demanding more representation to reflect their rising economic strength.