Finance ministers from the world's wealthiest countries warned on Saturday of the risks that high energy prices and global imbalances could pose to economic growth although they appeared optimistic about global growth.

The discussion here among the financial chiefs of the Group of Eight (G8) major economic powers centered on global growth prospects and energy security and was seen as adding finishing touches to preparations for a summit of G8 leaders in mid-July.

"Global growth remains strong and is gradually becoming more broadly based. However, downside risks from high and volatile energy prices and widening global imbalances remain," the ministers said in a statement at the end of their two-day meeting.

U.S. Secretary of the Treasury John Snow, speaking at a press conference after the meeting, said the global economy has enjoyed high growth, historically low inflation and interest rates and been spared of major financial crisis or recession in the past three years.

"It is especially significant that we are seeing more rapid levels of growth in the developing economies," Snow said.

The ministers pledged to address global imbalances and said they are "committed to fighting protectionism and to promoting liberalization of trade in agriculture, industrial goods and services, as well as of investment."

They agreed on the importance for global growth of "an ambitious outcome" from the Doha round of trade talks, the statement said.

The ministers also had discussions with top financial officials from China, India, Brazil, Australia, South Korea and Nigeria.

ENERGY INVESTMENT

The ministers discussed the current situation in the energy market and urged action by both energy-producing and energy- consuming countries to facilitate investment in the energy sector, improve energy efficiency and promote greater transparency and reliability in energy market data, the statement said.

The ministers adopted a separate statement on access to energy services for the Millennium Development Goals.

"It is important that oil producers increase production and consumers intensify their efforts to economize on the use of oil," Snow said.

"We call on them (energy producing countries) to continue to make investments in the exploration and development of their capacity to bring on stream larger volumes of energy in the years ahead," he said.

Russia is chairing the G8 presidency for the first time and has declared energy security a top priority during its chairmanship.

"Russia has an important role to play as a major player in the global energy market, along with other major exporters," Snow said.

Russia is the world's second largest oil exporter after Saudi Arabia. President Vladimir Putin and other Russian officials have struggled to cast the country as a credible energy supplier at a time when rising demand has more than doubled prices.

"Russia has been and will continue to be a reliable partner for our European colleagues," Putin said at the Russia-European Union summit in Sochi late last month.

"We have been and will be extending our possibilities in the energy area. We offer our resources to the international market," he said.

Source: Xinhua