US, Japan call for action on oil, food prices ahead of G8 meet (AFP/File)
July 7th, 2008 | by argentiumsterlingsilverexperiences |
TOYAKO, Japan (AFP) - The United States and Japan called Sunday for urgent action on red-hot oil and food prices that could derail the global economy on the eve of a summit of the world's richest nations.
As US President George W. Bush arrived at this mountain resort, authorities sealed off Japan's northern island of Hokkaido, with demonstrations relegated to its largest city, Sapporo.
Group of Eight leaders will hold three days of talks in the resort town of Toyako that will be dominated by the fragile world economy, global warming and problems ranging from Zimbabwe to North Korea and Iran's nuclear ambitions.
In pre-summit talks, Japanese Prime Minister Yasuo Fukuda said he and Bush had agreed that urgent efforts are needed to tackle surging oil and food prices.
The dual crises "are having a negative impact on the world economy," Fukuda told a joint press conference. "We agreed there's a need for swift efforts on these fronts."
Asia news from InsideAsia
US, Japan call for action on oil, food prices ahead of G8 meet (AFP/File). The United States and Japan have called for urgent action on red-hot oil and …
The leaders of the world's two largest economies also touched on climate change, North Korea's nuclear programme and aid to Africa.
Security was formidable across picturesque Hokkaido, with around 21,000 police deployed to protect the leaders as they huddle in a luxury hilltop hotel.
The leaders of the G8 — Britain, Canada, France, Germany, Japan, Italy, Russia and the United States — will be joined by those of some 15 other countries including China, India, Brazil, Australia and eight African states for expanded sessions on global warming and poverty alleviation.
German Chancellor Angela Merkel said the G8 leaders would agree on steps to fight the soaring price of food and to guarantee supplies.
The steps will provide short-term relief to the crisis and a long-term strategy to increase world agricultural production.
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Rising food prices have pushed 100 million people below the poverty line, the World Bank estimates, and have sparked street riots around the world.
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Japanese press reports have said the G8 will agree to set up a task force on the food crisis or create a system of food reserves much like oil stockpiles.
But aid groups warned that record food and oil prices should not be allowed to derail the leaders' talks on Africa on Monday as the crisis had simply worsened the plight of the poor.
On Wednesday, climate change will top the agenda when an expanded group of nations meets.
The leaders are expected to pledge to spearhead efforts to halve emissions of greenhouse gases by 2050 after
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