The fourth Group of 20 (G20) summit concluded here on Sunday afternoon after leaders of major economies agreed on a set of targets of fiscal consolidation and measures to ensure a strong, sustainable and balanced growth, Xinhua reported.
Addressing the media at the closing of the summit, Canadian Prime Minister Stephen Harper said that "firm targets" have been established in a bid to advance economic recovery that is "uneven and fragile."
"Advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016," said the G20 Toronto Summit Declaration which was issued on Sunday.
G20 recognized Japan's situation and welcomed its own fiscal consolidation plan announced recently, and urged those countries with serious fiscal challenges to accelerate the pace of consolidation, according to the declaration.
The Toronto summit, under the theme of "Recovery and New Beginnings," is the first in its new capacity as the world's premier forum for international economic cooperation, as determined at the previous summit in Pittsburgh, the United States last September.
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