Washington -- The world's 20 top economies reached a deal to better regulate global financial markets and take steps to halt a global economic slide in an emergency summit hosted by US President George W. Bush in Washington on Saturday.

Negotiators agreed on a final declaration calling for fundamental reforms to the international finance system during the first-ever summit of the Group of 20 (G20) nations.

Leaders have signed off on the agreement, promising that "all financial markets, financial products and market participants" will be subject to regulation or appropriate supervision, according to the final declaration.

That includes regulating hedge funds and boosting transparency of some of the complicated mortgage-related securities created by financial firms, which have been blamed for sparking the current credit crisis.

Finance ministers have been given a deadline of March 31 to hammer out 50 concrete proposals, followed by another summit of the G20 leaders at a later date, according to the declaration.

The G20 brings together a mix of industrial nations and developing economies. The Washington summit marks the first time leaders of the G20 have ever come together -- a nod to the growing importance of emerging economies such as China, India and Brazil.

With leading economies in Asia, the Middle East and Latin America likely to continue to clock up growth rates next year while advanced nations slump into recession, emerging economies have used the summit to press their case for a bigger role in the world's leading economic forums.

Bush greeted world leaders of the G20 earlier Saturday saying he was pleased with the early results after leaders held a working dinner at the White House Friday night.

But Bush, who is hosting the summit, again warned nations against restricting free markets and trade as a result of the financial crisis.

"I am pleased that we're discussing a way forward to make sure that such a crisis is unlikely to occur again," said Bush, as he welcomed leaders at Washington's National Building Museum. "And I am pleased that the leaders reaffirmed the principles behind open markets and free trade."

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