G20 summit is turning point for world economy, says Obama

By Xinhua,

London : The G20 summit which concluded here Thursday would be “a turning point” for the global economy, as unprecedented and comprehensive steps were taken to improve the financial system, US President Barack Obama said.

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Speaking at a press conference after the meeting, Obama said G20 have made “enormous strides” to improving financial regulation, adding that G20 needs to “reform failed regulatory systems and must put an end to bubble and bust economy”.

He said he will ask the US Congress in the next few days to provide an immediate $448 million to help the poorest countries. “It’s not just charity, poorer nations are future markets.”

The US will be dedicated to forging consensus rather than dictating terms, he added.

In a statement adopted at the meeting, the G20 leaders reaffirmed their commitment Thursday to resist protectionism and push for an ambitious conclusion of the Doha Round global trade talks.

Reinvigorating world trade and investment is essential for restoring global growth. We will not repeat the historic mistakes of protectionism of previous eras, the leaders said.

Noting that world trade is falling for the first time in 25 years, the leaders said they would extend until the end of 2010 their pledge made in Washington not to raise any new barriers to investment or trade in goods and services.

“In addition we will rectify promptly any such new measures,” the statement said.

The leaders pledged to minimise any negative impact on trade and investment of their domestic policy actions, including action in support of the financial sector.

The leaders also pledged $1.1 trillion to revive the world economy.