• supporting free trade;
• devising individual exit packages from the global economic stimulus; and
• opposing irrational caps on the carbon emissions of developing countries.

The U.S. has levied import duties on Chinese exports of tires and steel tubes, despite its promise at the last G-20 summit to refrain from protectionist acts. Many other countries, including developing countries, have imposed anti-dumping curbs of dubious merit. All countries need to rein in protectionist impulses and support free trade.

The last G-20 summit agreed on a coordinated global fiscal and monetary stimulus. Some politicians now propose a coordinated exit from the stimulus, as the recession is ending. This makes no sense, because rates of inflation, growth and unemployment vary dramatically across countries. Countries with higher growth and inflation rates should exit much earlier than those with falling GDP and prices.

The coming Copenhagen conference in December is also on the G-20 agenda. The U.S. seeks emission reductions from developing countries with per capita emissions are tiny. The G-20 should accept the Indian proposal that developing countries should pledge never to exceed the per capita emissions of developed countries. Developed countries should pledge to avoid trade sanctions on developing countries that refuse to accept such caps.