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G20 draft outlines concrete action plan-sources

WASHINGTON (Reuters) - A draft communique prepared for consideration by leaders of the Group of 20 advanced and emerging nations meeting this weekend will contain an action plan outlining concrete proposals, European G20 sources said on Friday.

“The summit will have concrete results. You can take this as guaranteed,” a senior official of a European G20 country said.

The official said the draft statement contains both a section dealing with the causes of the global credit crisis and an “action plan.”

“The action plan will contain several headlines, under which concrete proposals are summarized,” the official added. “There is a division between actions which should be taken immediately until March 31st and medium-term actions.”

G20 leaders gathered in Washington on Friday for weekend talks aimed at finding ways to turn back a virulent credit crisis and protect the global economy from the risk of severe recession. The nations also plan to discuss ways to prevent future crises.

“Among the headlines are more transparency, more regulations, more supervision and a closer international cooperation in all these areas,” the European official said.

The source said the G20 will also ask countries to resist rising protectionist pressures and call for reaching an agreement to pave the way for completion of the Doha round of global trade talks by year-end.