MercoPress. South Atlantic News Agency

G7 pledge to work together and warn against protectionism

The Group of Seven industrialized nations meeting in Italy are pledging to work together to revive the global economy, while warning against protectionist measures.

A draft of a joint statement by the G7 stresses that stabilizing the global economy and financial markets is their highest priority. Top economic officials from G7 nations - Britain, Canada, France, Germany, Italy, Japan and the United States - are meeting in Rome for a second day Saturday to seek ways to ease the world financial crisis. Several of the financial ministers and central bank chiefs have expressed concern about protectionist policies to boost national economies, saying they undermine free trade and global prosperity. The meeting marks the international debut of US Treasury Secretary Timothy Geithner, who is urging the wealthy nations to take bold action to solve the economic crisis. The G7 finance ministers and bank chiefs are also discussing new financial market rules, effects of the crisis on poorer nations and stimulus packages offered by some countries. The recommendations from Saturday's meeting are also expected to influence a wider gathering in April of the G7 nations, plus the world's most important developing economies like China and India, known as the G20.