"Japan is to propose introducing a set of principles to ensure smooth investment in agriculture in developing countries at a G8 summit in Italy in July...said Tamaki Tsukada, Director of the Economic Security Division at the Ministry of Foreign Affairs.

'There's a need to provide a scheme to ensure private sector investments are promoted while the interests of the producing countries are preserved,' he said. Japan's proposal will likely be phrased in general terms to avoid being seen as legally binding, he said. Tsukada said he expected to draw support for Japan's initiative as it will not be restrictive. ..." [Reuters/Factiva]

FT adds that "...While the initiative would also draw up a flexible methodology for monitoring the adherence of members to the principles, the main objective is to promote, not discourage, investment in agriculture, according to Tsukada. 'The objective is to increase global food production,' he told the FT. ...The principles Japan is proposing would call for greater transparency in investment deals, respect for existing land rights, sharing benefits with locals and environmental sustainability." [The Financial Times (UK)/Factiva]