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| New trade deal by 'end of year' | |
| (about 2 hours later) | |
| World leaders have reportedly decided to aim for a new agreement on global free-trade - within weeks. | |
| Brazil's foreign minister, Celso Amorim said the G20 financial summit would set a tight target date for a deal. | |
| Mr Amorim said the G20 leaders wanted to reach agreement on the talks "by the end of the year". | |
| The Doha round of trade talks was launched in 2001 but broke down because of disputes, largely between developing and industrialised nations. | |
| Mr Amorim told reporters that a communique had been agreed "which makes a clear reference to the Doha round including the idea of a target date... by the end of the year." | |
| Earlier, US President George W Bush says he was pleased with progress in world leaders' talks on the financial crisis, but has warned of the dangers of protectionism. | |
| Mr Bush said there had been "frank discussions" and some progress, but there was still more work to be done. | Mr Bush said there had been "frank discussions" and some progress, but there was still more work to be done. |
| UK Prime Minister Gordon Brown said he wanted to see international banking systems "cleaned up" and any measures agreed at the summit implemented immediately. | |
| Leaders from 20 of the world's biggest economies are at the Washington summit. | Leaders from 20 of the world's biggest economies are at the Washington summit. |
| The meeting is bringing together leading industrial powers, such as the US, Japan and Germany, and emerging market countries such as China, India and Brazil - representing 85% of the world economy. | The meeting is bringing together leading industrial powers, such as the US, Japan and Germany, and emerging market countries such as China, India and Brazil - representing 85% of the world economy. |
| 'Difficult' negotiations | 'Difficult' negotiations |
| Correspondents say there are some divisions between Europe, which wants stricter market rules, and the US and other countries, which prefer more moderate reforms. There exists here a major common willingness to reassure that such a crisis will not be repeated and to revive the world economy as quickly as possible Angela MerkelGerman Chancellor Q&A: The G20 summit | Correspondents say there are some divisions between Europe, which wants stricter market rules, and the US and other countries, which prefer more moderate reforms. There exists here a major common willingness to reassure that such a crisis will not be repeated and to revive the world economy as quickly as possible Angela MerkelGerman Chancellor Q&A: The G20 summit |
| "One of the dangers during a crisis such as this is that people will start implementing protectionist policies," Mr Bush said as talks resumed on Saturday. | "One of the dangers during a crisis such as this is that people will start implementing protectionist policies," Mr Bush said as talks resumed on Saturday. |
| But he said he was pleased leaders had reaffirmed the "principles of open markets and free trade". | But he said he was pleased leaders had reaffirmed the "principles of open markets and free trade". |
| Mr Brown said the leaders faced a "difficult" set of negotiations, but also welcomed progress made so far. | Mr Brown said the leaders faced a "difficult" set of negotiations, but also welcomed progress made so far. |
| "I think it is obviously important to make decisions today about what can be done," he said. | "I think it is obviously important to make decisions today about what can be done," he said. |
| He added that he wanted to see a timetable for a world trade deal and more credit made available to banks to allow them to start lending again. Further summits | He added that he wanted to see a timetable for a world trade deal and more credit made available to banks to allow them to start lending again. Further summits |
| The German Chancellor, Angela Merkel, insisted that the summit would adopt an action plan to deal with the global economic crisis. "There exists here a major common willingness to reassure that such a crisis will not be repeated and to revive the world economy as quickly as possible," she said. | The German Chancellor, Angela Merkel, insisted that the summit would adopt an action plan to deal with the global economic crisis. "There exists here a major common willingness to reassure that such a crisis will not be repeated and to revive the world economy as quickly as possible," she said. |
| HAVE YOUR SAY Everyone is affected by this downfall. Budgets of households and big corporations are equally affected Asif Chaudhry, Pakistan Send us your comments | HAVE YOUR SAY Everyone is affected by this downfall. Budgets of households and big corporations are equally affected Asif Chaudhry, Pakistan Send us your comments |
| The United States wants the meeting to accept the principle that the free-market system is the best way to ensure prosperity. | The United States wants the meeting to accept the principle that the free-market system is the best way to ensure prosperity. |
| However, French President Nicolas Sarkozy has said that "laissez-faire capitalism is over", as banks crippled by bad debts have been forced to turn to government aid. | However, French President Nicolas Sarkozy has said that "laissez-faire capitalism is over", as banks crippled by bad debts have been forced to turn to government aid. |
| Saturday's meeting is expected to pave the way for another summit, perhaps in March next year. | Saturday's meeting is expected to pave the way for another summit, perhaps in March next year. |
| Detailed measures | Detailed measures |
| A newly-installed President Obama could then consider potentially far-reaching changes to the financial system. | A newly-installed President Obama could then consider potentially far-reaching changes to the financial system. |
| Mr Obama is not at the summit, but two of his representatives have been holding a series of meetings with various delegations. | Mr Obama is not at the summit, but two of his representatives have been holding a series of meetings with various delegations. |
| As well as new regulation, leaders are considering ways to open up global institutions such as the International Monetary Fund to emerging economies who have become key economic players in recent years. | As well as new regulation, leaders are considering ways to open up global institutions such as the International Monetary Fund to emerging economies who have become key economic players in recent years. |
| The leaders are also likely to spell out what kind of measures their countries intend to take to blunt the bite of the economic downturn - such as more public spending. | The leaders are also likely to spell out what kind of measures their countries intend to take to blunt the bite of the economic downturn - such as more public spending. |
| Later meetings are expected to focus on working out the details of the reforms needed. | Later meetings are expected to focus on working out the details of the reforms needed. |