(updating with further comments on emerging economies' bond markets)
ESSEN, Germany (AFX) - G7 finance ministers and central bankers said they fully support the relaunch of the Doha round of world trade talks.
'We remain committed to resisting protectionist sentiment and fully support the relaunch of the Doha trade negotiations,' they said in the communique issued following their two-day meeting here.
They said that all participants 'have the responsibility' to ensure a successful outcome of the Doha round as it will enhance global growth and contribute to poverty reduction.
The WTO talks were suspended last July, but trade ministers at the recent World Economic Forum in Davos agreed that negotiations should resume.
'All of us accept our responsibility for ensuring that Aid for Trade will help secure the full benefits of trade for developing countries,' they said.
The G7 also said that it would explore free trade in securities within the G7 based on mutual recognition of regulatory regimes. Ministers did not elaborate on what this involved.
Ministers, who met with ministers of finance from Brazil, China, India, Russia, Mexico and South Africa, also said that emerging economies' bond markets should be developed to reduce their vulnerability to external shocks and financial crises and promote growth.
The Bundesbank is holding a conference in Frankfurt on May 9-10 on market experience of emerging economies' bond markets. The G7 said this will help to identify concrete recommendations and sustain the momentum of reform.
G7 ministers also said they will support enhanced cooperation to enforce intellectual property rights and combat counterfeiting.
French Finance Minister Thierry Breton had proposed that the G7 should set up an international organisation to battle against counterfeiting, along similar lines to the Financial Action Task Force on moneylaundering. pan.pylas@thomson.com pp/sw/sw/pp COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited