A joint economic statement has been issued by the Group of Seven industrialized nations meeting in Halifax, Canada As its most urgent priority, the statement cites the need to reduce unemployment within member nations.

‘Despite economic growth and inflation controls, the issue remains a key problem for many G-7 members. The paper also calls for the creation of trade opportunities through open markets.

Other key issues covered in the 50-point communiqué are the maintenance of close cooperation in economic surveillance and the control of exchange markets. Leaders of the seven major industrial powers issued a “background paper” on the statement, detailing proposed reforms for international financial institutions,

The statement also called for the reform of global institutions to “enhance the security and prosperity of the world.”

After agreeing to hold the next summit in Lyon next year, Russian president Boris Yeltsin joined heads of state and ministers for further discussions.

Their conclusions will be presented in a Chairman’s Statement to be released on Saturday.