The Group of Seven industrialized countries agreed here on Saturday to make efforts to stabilize the global economy and financial market.

In the latest statement issued after the two-day meeting starting on Friday, the G7 finance ministers and central bank governors pledged to cooperate to avoid "undesirable spillovers and distortions."

They reaffirmed their "commitment to using the full range of policy tools to support growth and employment and strengthen the financial sector."

According to the statement, stabilizing the global economy and financial market remains the "highest priority" on their agenda.

"What started as financial turmoil has now gripped the real economy and spread throughout the world," the statement said.

"The severe downturn has already resulted in significant job losses and is expected to persist through most of 2009, " it said.

The ministers and central bank governors said they would remain vigilant on foreign exchange rates to avoid adverse impacts on economic stability.

They also voiced their opposition to protectionism, saying world economies should refrain from raising new trade barriers and work toward a quick conclusion of the Doha Round of the World Trade Organization's negotiations.

The G7, which was formed in 1976, groups Britain, Canada, France, Germany, Italy, Japan and the United States.

(Xinhua News Agency February 15, 2009)