US President Barack Obama said on Thursday that the G20 summit which concluded in London earlier in the day is "historical" and "a turning point" as unprecedented and comprehensive steps were taken to revive world economy.

United States President Barack Obama addresses a news conference at the end of the Summit of the Group of 20 Countries (G20) on world economy at ExCel exhibition center in London, April 2. [Xinhua]

Speaking at a press conference following the meeting, Obama said that G20 have made "enormous strides" to improving financial regulation, adding that G20 needs to "reform failed regulatory systems and must put an end to bubble and bust economy."

He said he will ask Congress in the next few days to provide an immediate US$448 million to help the poorest countries. "It's not just charity, poorer nations are future markets."

The US will be dedicated to forging consensus rather than dictating terms, he added.

In a statement adopted at the meeting, the G20 leaders reaffirmed their commitment on Thursday to resist protectionism and push for an ambitious conclusion of the Doha Round global trade talks.

"Reinvigorating world trade and investment is essential for restoring global growth. We will not repeat the historic mistakes of protectionism of previous eras," the leaders said.

Noting that world trade is falling for the first time in 25years, the leaders said they would extend until the end of 2010their pledge made in Washington not to raise any new barriers to investment or to trade in goods and services.

"In addition we will rectify promptly any such new measures," the statement said.

The leaders pledged to minimize any negative impact on trade and investment of their domestic policy actions, including action in support of the financial sector.

The leaders also pledged US$1.1 trillion to revive the world economy.

(Xinhua News Agency April 3, 2009)