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Surging food and commodity prices are undermining efforts to tackle global poverty and hunger and threaten economic growth, said OECD Secretary-General Angel Gurría.
The OECD trade deficit in goods and services with the rest of the world continued deteriorating during the second quarter of 2010, according to new balance of payments data.
Merchandise trade volumes for the G7 countries as a whole continued to grow in the first quarter of 2010, but at a slower pace than in the fourth quarter of 2009.
Merchandise trade volumes continued to grow in the fourth quarter of 2009 in the G7 countries, albeit at a slower pace than in the third quarter.
The OECD, World Trade Organization and the UN’s Conference on Trade and Development have called on the leaders of the G20 countries to resist protectionism or the prospects for economic recovery may be wiped out.
With billions more people to feed, world food production will have to rise by nearly 50 % in the next 20 years. The farming sector will also be faced with diminishing land and water resources and the impact of climate change.
Merchandise trade volumes of the Group of seven (G7) countries grew in third quarter of 2009 after stabilising in the second but were still were significantly below the levels of 2008.
After the continued drop in quarterly merchandise trade volumes of the Group of seven (G7) countries during the last quarter 2008 and first quarter 2009, the trend reversed with more stable growth volumes in the second quarter 2009.
Secretary-General Gurría called for the need to agree on common international targets in areas such as innovation and green growth predicting "they could become the overarching umbrella for the G20 Framework’s structural agenda".Gurria's remarks to G20 leaders reflected the fact that the focus on structural policies will constitute the principal element of the OECD's contribution to future work on the G20 Framework Strong, Sustainable
The OECD, World Trade Organisation and the UN’s Conference of Trade and Development have called on the leaders of the G20 countries to make a stronger commitment to open trade and investment as the global economy begins its recovery from the crisis.