G8 summit reach agreements during 3 days

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The Group of Eight rich nations and the Group of 5 emerging economies have reached several agreements at their three-day summit in Italy. Also, world leaders say they'll complete the long-stalled Doha trade talks in 2010.

The Group of Eight rich nations and the Group of 5 emerging  economies have reached several agreements at their three-day summit in Italy.

Inability to reach consensus on the Doha Trade talks has long been a sore point. And now they're to be wrapped up next year. The leaders of the two groups pledged to achieve ambitious, balanced results and set a ministerial meeting before a September G20 summit in the US.

The leaders also reaffirmed their commitment to open markets and to reject protectionism in trade and investment.

Shiv Shankar Menon, Indian Foreign Secretary, said, "I think there was some discussion of what had been agreed in the G20, but all the developing countries spoke very strongly of the need to resist protectionism and in this, there was actually no distinction between what the G-5 said, the G-8 members said, there was a common thread running through, that the standstill agreement so far had not been breached in any way which threatened the system, the international trading system."

The G8 leaders will commit 15 billion US dollars over three years to spur agricultural investment in poorer countries and combat hunger.

Members also discussed the set up of a taskforce to monitor the possibility of a food security fund.