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World leaders have an historic opportunity to reform the global economy to ensure that the one in six people who live in extreme poverty benefit from economic recovery, international agency Oxfam said today ahead of the G20 summit in Seoul.

Growth is necessary but not sufficient to lift poor people out of poverty, international agency Oxfam said today as it published a briefing paper calling on the G20 to agree an historic new Seoul development consensus to help the world’s poorest.

Reacting to the conclusion of the European Council on the EU long-term budget, which is freezing EU anti-poverty aid at near current levels, Natalia Alonso, Head of Oxfam's EU Office, said:

When the G20 meets in Seoul in November 2010, it has a big choice to make.

The world’s leading economies must act now to stop the price of basic foods from surging further out of the reach of poor people. They must also commit to a Financial Transaction Tax (FTT) to help millions of people hit by the economic crisis and climate change.

Suspending debt owed to rich countries is only one piece of the puzzle. Rich private banks and investors should be pushed to cancel debts by enforcement and not left to voluntary action, said Oxfam today in response to the announcement that the G20 has agreed to suspend debt repayment of the poorest countries.

As the Camp David G8 Summit winds down, international agency Oxfam criticized G8 leaders for failing to renew measurable funding and policy commitments to help address global food security.

The UN Committee on World Food Security (CFS), the central and most inclusive institution of the global governance on food and agriculture issues, today endorsed the Principles on Responsible Investment in Agriculture and Food Systems.

French President Sarkozy and European Commission President Barroso spoke at today’s conference on commodities and raw materials in Brussels, organized by the European Commission ahead of next week’

Today, European Energy Commissioner Günther Oettinger published the