The Washington Post
Original Publish Date: July 2, 2008
Tokyo (Reuters) - G8 leaders are likely to seek to demonstrate their commitment to tackling soaring world food prices by issuing a separate statement on the issue at next week's summit, a Japanese foreign ministry official said this week.
The statement, which is being considered for release at the July 7-9 Group of Eight summit in Hokkaido, northern Japan, will include a call for governments to release to global markets available food stockpiles or reserves, said Koji Tsuruoka, director-general for global issues the ministry.
Food security has muscled its way onto the summit agenda after soaring commodity prices caused food riots and threatened government stability in some countries.
"You can see rising food prices triggering domestic uproar. It's important for the G8 to send a message that we are serious about this ... and are aware of the problems created among vulnerable people by rising food prices," Tsuruoka told Reuters.
"You need to provide a sense of comfort that global leaders are very serious and will organize resources to address this."
Asked if the G8 leaders would urge food-exporting countries to lift export restrictions, Tsuruoka said: "The G8 is not in favor of export restraints."
The statement will also call for mid- and long-term measures to improve agricultural output in developing countries.
"The more important part of the G8 is coordination of resources to be allocated to the mid- and long-term development of agriculture and a discussion of mechanisms to motivate additional agricultural production and having crops reach the market," Tsuruoka said.
Japanese news agency Kyodo reported this week that the G-8 would also call for stable functioning of the market, in what Kyodo said was an apparent attempt to curb speculative funds.
The G8 would pledge to make efforts to commercialize next-generation biofuels from non-food materials, Kyodo said.
Countries are divided over the role of biofuels in the price surge, with the United States defending the use of maize to make ethanol to fuel cars, saying it is a minor factor in food price inflation.
The G8 will also agree to launch a working group on the food price problem, Kyodo said. "This is not going away very soon," Tsuruoka said. "We'll have some political commitment hopefully in Toyako and then continue work to address this."
(Reporting by Linda Sieg; Editing by Michael Watson)
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