In fact, India is expected to host a ministerial meet before the September G-20 Summit at Pittsburgh with a view to resolve existing differences.

They will also agree not to indulge in “competitive devaluation” of currencies during the economic crisis.

The almost-finalized draft of the joint communiqué, agreed after detailed discussions among officials today, states: “We are committed to reaching an ambitious and balanced conclusion to the Doha Development Round in 2010, consistent with its mandate, building on the progress already made, including with regard to modalities...We instruct our ministers in-charge of trade to explore immediately all possible avenues for direct engagement within WTO and to meet prior to the Pittsburgh Summit.”

This raises hope that matters will now move forward on the Doha talks, which have been stalled over several differences, particularly in agriculture, between developed and developing countries.

These trade talks aim to lift barriers, reduce subsidies and make it easier for more open trade in several key sectors. The group also reaffirmed its commitment to open markets and strongly “rejected all protectionist measures”.

There are certain other important commitments which would be agreed in dealing with the economic crisis. These include:

• Refrain from “competitive devaluations of our currencies” and promote a stable international monetary system.

• While continuing to support their respective economies, they would agree to “begin to prepare exit strategies from extraordinary policy measures taken to respond to the crisis” once recovery is assured.

• Foster a macro-environment that “supports a robust and balanced resumption of domestic private spending to promote revival of demand”.

• Encourage and facilitate “development, dissemination and mutually agreed transfer of clean, low carbon technologies, reducing carbon emissions and increasing energy efficiency from production to consumption”.

• Reconfirm “political will for reaching a comprehensive, fair, effective and agreed outcome, following the principle of common but differentiated responsibilities and respective capabilities” at the Climate Change Conference at Copenhagen in December.

• Continue to cooperate on reforming the financial system regulation and “supervision to prevent boom and bust cycles”

Besides this, the 13 countries agreed to move a step beyond the Heiligendamm dialogue process and initiated work on Heiligendamm L’Aquila Process (HAP) that aims to bring the groups closer to each other with the purpose of better integration in the next two years.

To this end, the G8 agreed to the G5 formulation advancing reforms in international organizations including the UN “to reflect contemporary reality and challenges” and enhance their relevance.

“In this respect, we ask the HAP Steering Committee to examine coordinated approaches to strengthening the reform process of international institutions,” the draft said.

Earlier today, the G5 finalised its own political declaration, which underlined the importance of doing away with protectionist measures.

Prime Minister Manmohan Singh said: “We will stress tomorrow the importance of maintaining adequate flow of finance to developing countries and also keeping markets open by resisting protectionist pressures.”