Rich nations poised to tackle soaring oil, food prices

TOYAKO, Japan, - 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.

Group of Eight leaders will hold three days of talks, starting from Monday (today), 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.

Bush met with Japanese Prime Minister Yasuo Fukuda that also touched on a host of issues including climate change and aid to Africa.

Fukuda said the leaders of the world’s two largest economies 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.”

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.