South Korean President Lee Myung-bak and French President Nicolas Sarkozy agreed Friday to step up joint efforts to help the G-20 economic forum to deliver its commitment to bring stability to the world economy, including fighting speculation in food and energy markets.
How to move the premier economic forum forward topped the agenda for Friday's summit between Lee and Sarkozy as their countries are part of the G-20 "Troika" comprising the past, present and future chairs of the grouping. South Korea chaired a G-20 summit last year, and France is to host this year's meeting in Cannes in November.
"France and Korea express their shared concerns about commodity markets. They are determined to work on concrete and operational solutions to reduce food and energy price volatility and mitigate its impacts on the most vulnerable," the two sides said in a joint statement issued after their summit.
"They support the active work undertaken to improve the transparency in both physical and derivative markets ... increase food security and strengthen the regulation and supervision of commodity derivatives," the nine-point statement said.
Lee and Sarkozy agreed to help this year's G-20 meeting to produce results that will "ensure a strong, sustainable and balanced growth" and called for greater oversight of the financial sector, especially the shadow banking system and the commodity derivatives markets.
The G-20 forum was formed in late 2008 to discuss joint responses to an economic crisis that battered the world economy at the time. The G-20, which includes major industrialized and emerging nations, accounts for about 85 percent of the global economy.
Lee and Sarkozy also discussed ways to increase bilateral trade and investment, taking advantage of the free trade agreement between South Korea and the European Union (EU) set to take effect in July, amid views that their economic ties.
Source: http://www.mcot.net
How to move the premier economic forum forward topped the agenda for Friday's summit between Lee and Sarkozy as their countries are part of the G-20 "Troika" comprising the past, present and future chairs of the grouping. South Korea chaired a G-20 summit last year, and France is to host this year's meeting in Cannes in November.
"France and Korea express their shared concerns about commodity markets. They are determined to work on concrete and operational solutions to reduce food and energy price volatility and mitigate its impacts on the most vulnerable," the two sides said in a joint statement issued after their summit.
"They support the active work undertaken to improve the transparency in both physical and derivative markets ... increase food security and strengthen the regulation and supervision of commodity derivatives," the nine-point statement said.
Lee and Sarkozy agreed to help this year's G-20 meeting to produce results that will "ensure a strong, sustainable and balanced growth" and called for greater oversight of the financial sector, especially the shadow banking system and the commodity derivatives markets.
The G-20 forum was formed in late 2008 to discuss joint responses to an economic crisis that battered the world economy at the time. The G-20, which includes major industrialized and emerging nations, accounts for about 85 percent of the global economy.
Lee and Sarkozy also discussed ways to increase bilateral trade and investment, taking advantage of the free trade agreement between South Korea and the European Union (EU) set to take effect in July, amid views that their economic ties.
Source: http://www.mcot.net
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