The G7 industrial countries have ended a summit in Rome with pledges to avoid protectionism as they tackle a persisting economic downturn. "We reaffirm our commitment to act together using the full range of policy tools to support growth and employment and strengthen the financial sector," the Group of Seven finance ministers and central bankers said in a statement on Saturday. "The stabilization of the global economy and financial markets remains our highest priority." Analysts say the meeting was scheduled to discuss the broad issues of the economic crisis and failed to go beyond generic statements of principle and commitments that have been heard before. The G7 said it remained 'committed to avoiding protectionist measures, which risks exacerbating the downturn'. The statement came a few hours after the US Congress approved a $787 billion economic recovery plan that includes a 'Buy American' clause, which has raised fears that protectionism could be growing in the world's largest economy. However, US Treasury Secretary Timothy Geithner dismissed such concerns. US President Barack Obama had ensured that implementing the new stimulus package would be done in a way that respected America's international obligations, said Geithner, without going into specifics on how that all squared. The G-7 is composed of Canada, France, Germany, Italy, Japan, the UK and the US.
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