ID :
11440
Fri, 07/04/2008 - 20:01
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Shortlink :
https://oananews.org//node/11440
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G-8 leaders to affirm cooperation on oil market monitoring
TOKYO, July 3 Kyodo - Leaders of the Group of Eight nations are set to affirm next week that they will collaborate closely with each other to monitor trade flows in crude oil futures markets as part of their efforts to minimize the downside risks to global growth, sources familiar with the matter said Thursday.
In addition to stating that the world economy is facing uncertainties and downside risks, the leaders will express concerns over skyrocketing oil and food prices at their July 7-9 summit in Hokkaido, northern Japan.
At a time when higher costs of fuel and food are stoking inflation pressures and sparking protests worldwide, they will call on both producers and consumers to make utmost efforts to stabilize markets, according to a post-summit statement draft.
''In the midst of elevated oil prices with complex causes...it is all the more important to enhance dialogue and partnership with producing countries,'' said a copy of the statement that has been obtained by Kyodo News.
''Joint efforts are necessary to expand investment in upstream and downstream development of oil supplies,'' it said, adding that there is a ''need to improve collection and timely reporting of market data on oil'' in an attempt to achieve more transparency in trading activities.
The G-8 countries will also highlight the necessity of saving more energy by developing and deploying new technologies and alternative energy sources, according to Japanese officials.
On the back of persistent U.S. credit squeeze woes, a massive amount of investments seeking safer returns have been directed toward commodities, driving their prices extraordinarily higher.
To achieve sustainable economic growth, not only stressing the need of improving the transparency of commodity markets, the leaders are set to call on resource-rich countries to prevent conflicts and political corruption, and improve management of raw materials.
The draft said, ''We affirm the importance of open raw materials markets as the most efficient mechanism for resources allocation.''
The paper indicates that the G-8 countries -- Britain, Canada, France, Germany, Italy, Japan, Russia and the United States -- will call on their trading partners to limit restrictions in raw materials trade to exceptions admitted under World Trade Organization rules.
In a similar vein, as for the part of trade and investment, it said, ''We will resist protectionist pressures.''
The leaders are set to call for a successful completion of the WTO Doha round global trade liberalization talks by the end of this year, according to the officials.
They are expected to say that any restrictions on foreign investment should be minimized, except those primarily designed to deal with national security concerns.
''Sovereign wealth funds are increasingly important participants in the world economy,'' the draft said, but adding that their greater transparency must be ensured.
The leaders of the eight countries will also reaffirm the importance of accelerating negotiations to create a new international legal framework aimed at preventing counterfeiting and piracy, the draft showed.
In addition to stating that the world economy is facing uncertainties and downside risks, the leaders will express concerns over skyrocketing oil and food prices at their July 7-9 summit in Hokkaido, northern Japan.
At a time when higher costs of fuel and food are stoking inflation pressures and sparking protests worldwide, they will call on both producers and consumers to make utmost efforts to stabilize markets, according to a post-summit statement draft.
''In the midst of elevated oil prices with complex causes...it is all the more important to enhance dialogue and partnership with producing countries,'' said a copy of the statement that has been obtained by Kyodo News.
''Joint efforts are necessary to expand investment in upstream and downstream development of oil supplies,'' it said, adding that there is a ''need to improve collection and timely reporting of market data on oil'' in an attempt to achieve more transparency in trading activities.
The G-8 countries will also highlight the necessity of saving more energy by developing and deploying new technologies and alternative energy sources, according to Japanese officials.
On the back of persistent U.S. credit squeeze woes, a massive amount of investments seeking safer returns have been directed toward commodities, driving their prices extraordinarily higher.
To achieve sustainable economic growth, not only stressing the need of improving the transparency of commodity markets, the leaders are set to call on resource-rich countries to prevent conflicts and political corruption, and improve management of raw materials.
The draft said, ''We affirm the importance of open raw materials markets as the most efficient mechanism for resources allocation.''
The paper indicates that the G-8 countries -- Britain, Canada, France, Germany, Italy, Japan, Russia and the United States -- will call on their trading partners to limit restrictions in raw materials trade to exceptions admitted under World Trade Organization rules.
In a similar vein, as for the part of trade and investment, it said, ''We will resist protectionist pressures.''
The leaders are set to call for a successful completion of the WTO Doha round global trade liberalization talks by the end of this year, according to the officials.
They are expected to say that any restrictions on foreign investment should be minimized, except those primarily designed to deal with national security concerns.
''Sovereign wealth funds are increasingly important participants in the world economy,'' the draft said, but adding that their greater transparency must be ensured.
The leaders of the eight countries will also reaffirm the importance of accelerating negotiations to create a new international legal framework aimed at preventing counterfeiting and piracy, the draft showed.
