UK seeks greater India say in tackling global commodity crisis
The United Kingdom has called for India to be given greater say on the global stage, including at forums like World Bank, IMF and G8, to help tame inflation in the worldwide commodity prices.
By PTI |
LONDON: The United Kingdom has called for India to be given greater say on the global stage, including at forums like World Bank, IMF and G8, to help tame inflation in the worldwide commodity prices.
"Open and constructive dialogue is essential if the causes of high and volatile prices and their impact are to be tackled," the UK Treasury Ministry said in a note analysing the trends and drivers in commodity markets that have led to recent increase in commodity prices.
"To help achieve this, the shape and role of the international institutions needs to be reformed. This should include offering countries such as China, India, South Africa, Mexico, Brazil and other emerging countries a greater role on the international stage, including with the G8, the IMF and the World Bank," the Treasury said.
The Treasury is the UK's Economics and Finance Ministry and is responsible for formulating and implementing the government's financial and economic policy.
It has also called for wider reform of the UN, while noting that developing regional institutions have a role to play as well, including the EU, the Association of South East Asian Nations, and the African Union.
The Treasury has also noted surge in demand from emerging nations such as China and India for commodities like oil, coal and edible commodities such as meat, dairy and vegetable oils as some key demand pressures for the global commodity markets.
"Global oil demand has been on an upward trend since the mid-1980s, and has increased by 10 per cent since 2002... unlike episodes in previous decades where demand growth in the advanced economies had driven changes in world oil demand, the emerging markets particularly China, India and the Middle East have propelled recent demand growth," it said.
"Open and constructive dialogue is essential if the causes of high and volatile prices and their impact are to be tackled," the UK Treasury Ministry said in a note analysing the trends and drivers in commodity markets that have led to recent increase in commodity prices.
"To help achieve this, the shape and role of the international institutions needs to be reformed. This should include offering countries such as China, India, South Africa, Mexico, Brazil and other emerging countries a greater role on the international stage, including with the G8, the IMF and the World Bank," the Treasury said.
The Treasury is the UK's Economics and Finance Ministry and is responsible for formulating and implementing the government's financial and economic policy.
It has also called for wider reform of the UN, while noting that developing regional institutions have a role to play as well, including the EU, the Association of South East Asian Nations, and the African Union.
The Treasury has also noted surge in demand from emerging nations such as China and India for commodities like oil, coal and edible commodities such as meat, dairy and vegetable oils as some key demand pressures for the global commodity markets.
ADVERTISEMENT
"Global oil demand has been on an upward trend since the mid-1980s, and has increased by 10 per cent since 2002... unlike episodes in previous decades where demand growth in the advanced economies had driven changes in world oil demand, the emerging markets particularly China, India and the Middle East have propelled recent demand growth," it said.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
