Washington:  Global economic recovery is showing signs of promise, but significant headwinds persist, G-8 leaders said on Saturday while committing to take all necessary steps to strengthen and reinvigorate economies and combat financial stresses.

"The global economic recovery shows signs of promise, but significant headwinds persist. Against this background, we commit to take all necessary steps to strengthen and reinvigorate our economies and combat financial stresses, recognizing that the right measures are not the same for each of us," G8 leaders said in a joint statement.

The joint statement was issued at the conclusion of the talks of the G-8 leaders on economy, in which they significantly discussed on the European economic crisis.

G8, as it is called is the exclusive group of top eight economic nations --the US, Japan, Britain, Germany, France, Italy, Canada and Russia.

G8 leaders welcomed the ongoing discussion in Europe on how to generate growth, while maintaining a firm commitment to implement fiscal consolidation to be assessed on a structural basis.

They agreed on the importance of a strong and cohesive Eurozone for global stability and recovery, and affirmed their interest in Greece remaining in the Eurozone while respecting its commitments.

"We all have an interest in the success of specific measures to strengthen the resilience of the Eurozone and growth in Europe.

"We support Euro Area Leaders' resolve to address the strains in the Eurozone in a credible and timely manner and in a manner that fosters confidence, stability and growth," the joint statement said.

Refrain from protectionist measures

Observing that robust international trade, investment and market integration are key drivers of strong sustainable and balanced growth, leaders of the G8 nations committed to refrain from protectionist measures and asked other countries of the world to do so.

"We will honour our commitment to refrain from protectionist measures, protect investments and pursue bilateral, plurilateral, and multilateral efforts, consistent with and supportive of the WTO framework, to reduce barriers to trade and investment and maintain open markets. We call on the broader international community to do likewise," G-8 leaders said.

"Robust international trade, investment and market integration are key drivers of strong sustainable and balanced growth. We underscore the importance of open markets and a fair, strong, rules-based trading system," the joint statement said.

Recognising that unnecessary differences and overly burdensome regulatory standards serve as significant barriers to trade, G-8 leaders said they support efforts towards regulatory coherence and better alignment of standards to further promote trade and growth.

"Given the importance of intellectual property rights (IPR) to stimulating job and economic growth, we affirm the significance of high standards for IPR protection and enforcement, including through international legal instruments and mutual assistance agreements, as well as through government procurement processes, private-sector voluntary codes of best practices, and enhanced customs cooperation, while promoting the free flow of information," the statement said.

"To protect public health and consumer safety, we also commit to exchange information on rogue Internet pharmacy sites in accordance with national law and share best practices on combating counterfeit medical products," it said.


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