G-8 Finance Finisters meeting very successful:Kudrin

By Staff
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Google Oneindia News

Moscow, June 10 (UNI) Russian Finance Minister Alexei Kudrin described the two-day meeting of the Group of Eight (G-8) in St Petersburg as very ''successful.'' ''The meeting confirms that St Petersburg is not only a window to Europe but to the whole world,'' RIA Novosti quoted Mr Kudrin as saying.

The world economic growth rates remained high, but there were still risks of their slowing down due to high and volatile prices for energy resources and increasing global imbalances, a statement adopted for the coming G-8 summit in July said.

The leaders said protectionism should be avoided and trade in agricultural products, industrial goods and services should be liberalised.

They discussed the situation on the energy markets and risks to the global economy posed by high oil prices.

The statement called for energy producer and consumer countries to take comprehensive action to facilitate investment in the energy sector and improve energy efficiency, including through national initiatives, and to support greater transparency and reliability of information on energy markets.

The meeting supported the development of an international standard for calculating oil reserves.

It also highlighted the importance of energy security: the principles of the Energy Charter, the diversification of consumer markets and supply sources and stronger cooperation in tackling major emergencies.

The statement confirmed pledges made at the 2005 Gleneagles G-8 Summit to develop clean energy and ensure stable global development, including by means of improving access to energy sources.

The Ministers said G-8 countries intended to find means of boosting efforts to help poor countries to overcome energy poverty and called for bilateral and multilateral donors to increase aid in this area.

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