In their first joint declaration following talks in Germany, entitled "Growth and responsibility in the world economy," the leaders said that "erecting barriers and supporting protectionism would result in a loss of prosperity."
The statement, published on the official G8 Web site, reads: "We remain committed to minimize any national restrictions on foreign investment. Such restrictions should apply to very limited cases which primarily concern national security. The general principles to be followed in such cases are non-discrimination, transparency and predictability."
The issue has a particular resonance for Russia, which recently passed legislation preventing foreign companies from acquiring control in sectors the government considers "strategic." The state maintains control over major listed companies such as energy giant Gazprom, oil company Rosneft, and two largest banks Sberbank and VTB.
The United States, which for a long time delayed Russia's entry to the World Trade Organization over Moscow's restrictions on investment in its financial sector, faced similar accusations when it prevented Chinese state-owned CNOOC from buying the American oil operator Unocal in 2005, citing national security concerns. In a similar case, U.S. authorities barred the Arab Dubai Ports World Co. from acquiring assets that would have given Arabs control over major U.S. seaports.
Russia has also come under pressure from the West on the problem of counterfeiting. A U.S. annual trade report published in April listed Russia and China as two countries most benefiting from trade in counterfeit videos, music, and software.
The joint declaration said: "The benefits of innovation for economic growth and development are increasingly threatened by infringements of intellectual property rights worldwide. We therefore strongly reaffirm our commitment to combat piracy and counterfeiting. Trade in pirated and counterfeit goods threatens health, safety and security of consumers worldwide, particularly in poorer countries."
On the issue of corruption, the statement said: "Promoting the fight against corruption, both at the national and international levels, remains one of the most important tasks of the G8. We are aware of their leadership role in setting examples in the fight against corruption, and are taking concerted action to live up to their commitments and responsibilities."
President Vladimir Putin put fight against corruption at the top of his 2006 and 2007 state-of-the-nation addresses. Senior government officials have said corruption severely impedes economic growth in Russia.
