The G20 group of wealthy and developing nations have pledged to continue efforts to carry out the necessary reforms to increase global free trade. In a joint statement after this year's two-day conference, they said this was vital to help make worldwide economic growth more lasting and stable. Meeting in Xianghe, China, they also warned that high global oil prices and protectionism could threaten growth. The G20 meeting comes as nations struggle to sign a new free trade deal. "Bearing in mind our share of responsibilities, we are determined to implement the necessary fiscal, monetary and exchange rate policies, and accelerate structural adjustments to resolve these imbalances and overcome these risks," said the G20. "We welcomed the ongoing expansion of the world economy, while recognising low growth and increasing poverty in some developing countries." The G20 also noted the need to develop alternative sources of energy, as a means to avoid dependence upon oil. The G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK and the US. Another member is the European Union (EU), represented by its Council presidency and the European Central Bank. Heads of the International Monetary Fund and the World Bank are also present at G20 meetings. The G20 conference comes as global finance chiefs and the World Trade Organization hope to get a new global free trade agreement in place by the start of 2006. At present the main stumbling block to achieving a new deal is the question of farm subsidies and food import tariffs. While the US and EU both agree that they need to further open up their markets to agricultural products from developing nations - and reduce subsidies for their own farming communities - they are so far failing to agree on what reductions are needed.