Advanced economies have agreed to cut deficit by half in three years, according to a draft final document of Group of 20 summit in Toronto obtained by Xinhua on Sunday.

"Advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016," the document said.

"Those with serious fiscal challenges need to accelerate the pace of consolidation," the document urges.

The document welcomed Japanese government's fiscal consolidation plan announced recently with its own growth strategy.

The Toronto summit, under the theme of "Recovery and New Beginnings," is the first in its new capacity as the world's premier forum for international economic cooperation, as determined at the previous summit in Pittsburgh, the United States last September.