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New trade deal by 'end of year' Summit pledge to 'restore growth'
(20 minutes later)
World leaders have reportedly decided to aim for a new agreement on global free-trade - within weeks. Global leaders at the G20 financial summit in Washington have pledged to work together to restore global growth.
President George Bush said that finance minsters would now work on detailed reform proposals and report back.
The actions countries were taking were "beginning to work" in dealing with the financial crisis, said the president.
In their communique, the leaders said they were determined to work together to achieve "needed reforms" in the world's financial systems.
"We are adapting our financial systems to the realities of the 21st century," said Mr Bush in his address at the end of the summit.
At the meeting in Washington, leaders pledged to "lay the foundation for reform to help to ensure that a global crisis, such as this one, does not happen again".
Trade deal
At the same time, the summit has 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.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 in Washington wanted to reach agreement on the talks "by the end of the year".Mr Amorim said the G20 leaders in Washington wanted to reach agreement on the talks "by the end of the year".
Supporters of a deal say reducing trade barriers would help countries which depend on exports - at a time when the economic slowdown is affecting trade.Supporters of a deal say reducing trade barriers would help countries which depend on exports - at a time when the economic slowdown is affecting trade.
The Doha round of trade talks was launched in 2001 but broke down because of disputes, largely between developing and industrialised nations.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."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."
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
Danny Leipziger, of the World Bank, told the BBC a global trade deal was "of paramount importance".Danny Leipziger, of the World Bank, told the BBC a global trade deal was "of paramount importance".
He said the talks were "close" to a satisfactory conclusion.He said the talks were "close" to a satisfactory conclusion.
'Difficult' negotiations Leaders from 19 of the world's biggest economies - and the European Union - were at the Washington summit.
Earlier, US President George W Bush said he was pleased with progress in world leaders' talks on the financial crisis, but warned of the dangers of protectionism. The meeting brought 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.
"One of the dangers during a crisis such as this is that people will start implementing protectionist policies," he said. Saturday's meeting is expected to pave the way for another summit in April next year.
But he said he was pleased leaders had reaffirmed the "principles of open markets and free trade".
Leaders from 19 of the world's biggest economies - and the European Union - 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.
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
UK Prime Minister Gordon Brown said he wanted to see international banking systems "cleaned up" and any measures agreed at the summit implemented immediately.
Mr Brown said the leaders faced a "difficult" set of negotiations, but also welcomed progress made so far.
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
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.
Saturday's meeting is expected to pave the way for another summit, perhaps in March next year.
Detailed measures
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.
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.
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.