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International Monetary Fund President: G8 Should Open Ag Markets

Dennis Snower, president of the International Monetary Fund, says the G8 group of nations should be opening their agricultural markets to developing nations.

The president of the International Monetary Fund says the G8 group of nations, which makes up 65% of the world's economy, should prioritize opening their agricultural markets to developing nations over offering aid and debt relief to those countries.

"We have been sealing off our agricultural sector so far and have been paying an incredibly high price for it," Snower says in an interview with German newspaper Die Welt.

The G8 group is made up of Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States.

"Some 70 percent of the total EU budget goes into agricultural subsidies and structural funds," he says. Giving developing nations access to developed agricultural markets would give them a chance to help themselves rather than relying on help from others, Snower says. He did not specify how access to the agricultural markets might work.

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