20 of the world's top economies promised to help Iraq lower its debt and to help re-start global trade talks after a two-day meeting in Mexico on Monday. Officials from the Group of 20, G-20 nations, also discussed the possibility of sanctioning countries that refused to cooperate in the fight against terrorism. Possible sanctions were not outlined at the meeting. In a declaration released at the end of the meeting, ministers called on World Trade Organization, WTO members to re-start the trade talks that collapsed in Cancún last month. "Nations must quickly re-energize the negotiation process, recognizing that flexibility and political will from all are urgently needed," it said. G-20 ministers also talked about the possibility of creating a voluntary code of conduct to govern negotiations between creditors and countries on the verge of defaulting on debt. The code would outline the steps that should be taken to prevent a financial crisis. Created in 1999 to avoid financial disasters and to keep the global economy stable, the G-20 is made up of the European Union and 19 other countries including Australia, Brazil, China, Japan and the US.