Group of Eight leaders defied anti-globalisation activists rampaging through the Italian port of Genoa today with a fierce defence of free markets.
The G8 summit began with the leaders reaffirming their position that free markets were the only sure way to deliver people from poverty.
"We have said together that globalisation is good, globalisation is an advantage for all, there is a need for more globalisation to ensure more democracy, more freedom, more well-being and jobs for all of the people of this earth," Italian Prime Minister Mr Silvio Berlusconi said.
"It is our desire to give to those that have less than we do in a generous spirit, not a one-off initiative but to give on a steady basis so as to really be able to bring about change."
Mr Berlusconi defended the rich nations against accusations that they have failed the poor as he announced a $ 1.2 billion (1.4 billion euro) package to fight AIDS and other major diseases.
"Those who are against the G8 are not fighting against leaders democratically elected in their countries, they are fighting against the Western world, the philosophy of the free world," he said.
In a communiqué by the Group of Seven rich nations at Genoa, the leaders vowed to launch a new round of free trade talks in November.
Open markets and a stronger World Trade Organisation are an economic imperative, said the statement drawn up by leaders of Britain, Canada, France, Germany, Italy, Japan and the United States.
"We are committed to working with developing countries, including the least developed, to ensure that the new Round addresses their priorities through improved market access and sounder, more transparent trade rules," the document said.
The G7 powers sought to lift the veil of gloom hanging over the slowing world economy.
"While the global economy has slowed more than expected over the past year, sound economic policies and fundamentals provide a solid foundation for stronger growth," it said.
The US economy had slowed sharply but long-term trends were favourable, the statement said.
It said the 12-country euro zone prospects were favourable despite weakened economic growth.
But the statement said Japan's monetary policy should keep providing ample liquidity given the country's weakened economy and falling prices.
The statement backed deep reforms proposed by Prime Minister Mr Junichiro Koizumi to clean up the debt-ridden banking system.
AFP