ST. PETERSBURG, June 10 (RIA Novosti) - The finance ministers of the Group of Eight leading industrialized nations adopted Saturday a statement for the upcoming G8 leaders' summit.
The document said world economic growth rates remained high, but that there were still risks of their slowing down due to high and volatile prices for energy resources, and increasing global imbalances.
The ministers said protectionism should be avoided, and trade in agricultural products, industrial goods and services should be liberalized.
The finance ministers 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 ministers supported the development of an international standard for calculating oil reserves.
The sides 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.
Russia this year holds the rotating presidency of the G8 - Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States - and will host the annual G8 summit for the first time in mid-July in St. Petersburg.
