Statement by G7 Finance Ministers and Central Bank Governors, London 2-3 December 2005

"An ambitious outcome from the Doha Development Round by the end of 2006 is essential to enhancing global growth and reducing poverty. The Hong Kong Ministerial in ten days will be a critical step and the opportunity must be seized to make progress including through agreeing a comprehensive development package that addresses the concerns of developing countries, in particular least developed countries.

We call for a multilateral rules-based global trading system and reforms to trade policies and renewed momentum in the negotiations. We urge all participants to maintain a high level of ambition and to make significant progress on market access in agriculture, industrial products and services; reducing trade distorting domestic support; eliminating all forms of export subsidies in agriculture; making significant progress on services, including financial services as liberalisation in financial services is linked to increased growth; and on intellectual property rights consistent with our development objectives.

In this context, we welcomed the statements made by our Brazilian, Indian and Chinese colleagues at our meeting with them today. We recognise that least developed countries need the flexibility to decide, plan and sequence reforms to their trade policies in line with their country-led development programmes and international obligations.

We agree on a series of additional measures working with the IFIs, for developing countries to ease adjustment costs and increase their capacity to trade. We expect spending on aid for trade to increase to $4bn, including through enhancing the Integrated Framework. In the context of our shared commitments to double aid for Africa by 2010, we agree to give priority to the infrastructure necessary to allow countries to take advantage of the improved opportunities to trade."