G8 summit ends, adopts energy security plan | india | Hindustan Times
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G8 summit ends, adopts energy security plan

The group concluded that open, transparent, efficient and competitive markets are basic needs for the plan.

india Updated: Jul 17, 2006 21:01 IST

Leaders of the Group of Eight (G8) industrialised countries ended their annual summit in Russia on Monday, capping three days of discussions on various international themes and events, apart from adopting an energy security plan.

Energy security topped the agenda of the G8 summit this year, along with education and fight against infectious diseases.

In a closing summit statement, the leaders from the world's wealthiest nations said "open, transparent, efficient and competitive markets are the cornerstone for global energy security".

The G8 countries include Britain, Canada, France, Germany, Italy, Japan, Russia and the United States.

The G8 leaders adopted the St. Petersburg Plan of Action to enhance global energy security, undertaking to "reduce barriers to energy investment and trade, making it possible for companies from energy producing and consuming countries to invest in and acquire upstream and downstream assets internationally".

The leaders also discussed the world economy, concluding that global economic growth "remains strong and has become more broadly based".

Although economic themes are supposed to prevail at the gathering, they were often overshadowed by internationally relevant events.

The leaders debated an appropriate response to the latest Middle East crisis and finally called for an end to the violence in the region.

"In Lebanon and Gaza the most urgent priority is for a cessation of violence and not to allow extremist elements to plunge the region into chaos and provoke a wider conflict," the statement said.

The leaders also came out with a joint statement against terrorism in the wake of the July 11 serial blasts in Mumbai.

Germany is set to host the next G8 summit in 2007.