WRAP G-7 finance officials express confidence in global economy despite risks

SHOTLIST 1. Wide of G7 finance ministers and Central Bank Governors, push in to US Treasury Secretary Henry Paulson at table (seated to the left), pan left 2. Federal Reserve Chairman Ben Bernanke seated at table, pan right to Paulson 3. Wide of officials seated at meeting, pan left to other officials, including Italian Finance Minister Tommaso Padoa-Schioppa (seated left) on table at far end of room 4. Shot from behind of Japanese Finance Minister Koji Omi (seated to left), pull up to long shot of head table 5. Mid shot of Bernanke and Paulson at table, pan right to opposite table 6. G7 Finance Ministers and Central Bank Governors participate in photo op on steps of US Treasure building (Back row shows Central Bank governors and World Bank President: Left to right, David A. Dodge of Canada (wearing glasses), Christian Noyer of France, Axel A. Weber of Germany, Ben S. Bernanke of the US, Mario Draghi of Italy, Toshihiko of Japan, Mervyn King of Britain, Jean-Claude Trichet of Eurogroup and World Bank President Paul Wolfowitz) (Front row shows G7 Finance Ministers: Left to right, Canadian Finance Minister James Flaherty (wearing striped tie), French Finance Minister Thierry Breton, Germany's State Secretary Thomas Mirow, US Treasury Secretary Henry Paulson, Italian Finance Minister Tommaso Padoa-Schioppa, Japanese Finance Minister Koji Omi, Britain's Chancellor of the Exchequer Gordon Brown and Jean-Claude Juncker of Eurogroup.) STORYLINE: Group of Seven (G7) Finance Ministers and Central Bank Governors met on Friday at the US Treasury Department in Washington DC. In a joint statement they expressed confidence that the global economy will experience strong growth despite risks. The officials from the world's seven leading industrial countries, Britain, Canada, France, Germany, Italy and the United States, projected confidence that various troubles such as soaring trade deficits, jittery financial markets and a slumping housing market in the United States will not be enough to derail growth. The G-7 finance officials pledged to resist growing protectionism pressures in their countries, which are being spawned by soaring trade imbalances such as the fifth consecutive year of record trade gaps in the United States. They pledged to make structural reforms in their own economies to reduce the yawning trade gaps and urged China to do more to introduce flexibility into its currency system, which American manufacturers believe is necessary to curb China's huge trade surpluses. Meanwhile, ministers are also expected to seek to calm anxieties among workers in the United States and elsewhere about globalisation. One US Treasury official said that in many developed countries, workers feel a sense of insecurity amid rapid technological change, globalised trade and increased competition. He added that finance officials needed to make the case why free trade is good for individual countries' economies as well as the global economy. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/7e1b9178d1796aa4f0d052542225c6e6 Find out more about AP Archive: http://www.aparchive.com/HowWeWork