The world's eight most developed countries on Thursday committed to opening their markets and freeing trade to stimulate economic activity that hit a low patch last year and has since remained that way.

The declaration issued at the end of summit level talks of G-8 leaders in this Italian mountain town read almost like the one issued at the end of the G-20 Summit in London last year, with calls for shunning protectionism, opening markets, freeing trade and combatting tax fraud.

"We reconfirm our commitment to keep markets open and free and to reject protectionism of any kind. In difficult times we must avoid past mistakes of protectionist policies, especially given the strong decline in world trade following the economic crisis," the declaration said.

However, on repairing the financial system that in the very first place ushered in the global economic crisis, the declaration said: "Stabilising financial markets and normalising banking activity, is an urgent priority... we are implementing swiftly the commitments made at London Summit and call on others to join our efforts..."