• 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.

... contd.