Malaysian Prime Minister suggested suspending future oil trade to restraint rise of goods prices

Almaty. June 5. Kazakhstan Today - The Prime Minister of Malaysia Abdullah Ahmad Badavi addressing the 22nd conference opened yesterday of the Asian-Pacific countries in Kuala Lumpur suggested suspending future oil trade in the world markets to restraint prices for goods, the agency reports referring to News Agency Xinhua.

A. Badavi noted that Japan has already suspended future rice transactions to prevent speculation; therefore, we need to think if we can apply this measure concerning future oil trade.

A. Badavi says that oil prices are one of the major factors that affect increase on other goods; however, nevertheless, we need to hold consultations in the world community concerning an opportunity of suspension of future oil trade.

He noted that the mechanism of cooperation between 10 member countries of the Association of Southeast Asian Nations (АСЕАН) and 3 Eastern Asian countries (China, Japan and Korea) can play a corresponding role in creation of reserves for maintenance of food safety. We also need to take measures for creation of the mechanism of reserves of rice to counteract to extreme situations in East Asia.

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