Seán Sherlock (Cork East, Labour)
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Question 124: To ask the Minister for Foreign Affairs the outcome of the OECD's council at Ministerial level which took place on 4 and 5 June 2008; and the details of Ireland's contribution at that meeting, in view of the participation of candidate and enhanced engagement countries at all sessions of the Ministerial Council meeting. [23509/08]

Micheál Martin (Cork South Central, Fianna Fail)
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The meeting of the OECD Council at Ministerial level in Paris on 4 and 5 June was attended by the Minister of State at the Department of Finance, Dr. Martin Mansergh. The Minister of State at the Department of Enterprise, Trade and Employment, Mr. John McGuinness, attended the session on the multilateral trading system.

The theme of the meeting was Outreach, Reform and the Economics of Climate Change. Ministers from the candidate countries for accession to the OECD, Chile, Estonia, Israel, Russia and Slovenia, and the countries with which the Organisation is pursuing a policy of enhanced engagement, Brazil, China, India, Indonesia and South Africa, also participated.

Ireland contributed to a wide-ranging discussion on the current economic situation. Ministers took note of the recent rises in food and commodity prices, in particular oil prices, and agreed on the need to monitor closely the social and economic impact of such trends. Ministers were concerned about inflationary pressures and agreed that attention needs to be paid to fiscal balances, especially where inflationary pressures persist.

Ministers focused in particular on the urgent policy challenges arising from food-price inflation, including its linkages to broader issues such as alternative fuels and climate change. They also stressed the need for improved information, education and skill development in the field of agriculture. Ireland also contributed to an extensive discussion on the role that climate change would play in determining the growth of the world economy in coming decades.

Ministers addressed the OECD Secretary General's report on strategic orientations for the Organisation. Ireland joined in welcoming progress in the Ministerial mandates, particularly those in relation to enlargement and enhanced engagement.

OECD Ministers adopted a Declaration on Sovereign Wealth Funds and Recipient Country Policies and were joined by Ministers from Chile, Estonia and Slovenia who adhered to the Declaration. This Declaration is further evidence of the OECD's capacity to set international standards.

OECD Ministers also agreed on a reform of financing that, in the context of enlargement, will ensure that the Organisation has a solid financial footing in the long term.