G20 to stabilize food prices
Source: Agencies |
June 24, 2011, Friday
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Print Edition
Print Edition
THE largest economies in the world agreed yesterday to a series of measures to stabilize world food prices after years of sudden fluctuations caused global instability, especially in poorer countries.
French Agriculture Minister Bruno Le Maire said the G20 summit of agriculture ministers had agreed to calm the world market by establishing a transparent system to track global supplies, emergency food reserves, engage in more research into new wheat strains and create a rapid response mechanism to deal with drought in producer countries.
"It is a tour de force for the international community that lets you still believe in the power of solidarity and working together to address the big questions facing the planet, like the future of world agriculture," Le Maire said.
Rising energy prices prompted a spike in food prices in 2008, causing worldwide hardship and sparking riots in some developing countries.
In a reflection of the seriousness of the crisis, this is the first time agriculture and food security have been made a G20 summit topic.
"We all recognize the necessity of putting in place on the market of agricultural products new rules and regulations," Le Maire said.
World Bank President Robert Zoellick appeared at the ministers' side to express support for the new measures.
"We are not going to be able to stop food prices from going up and down, but we can smooth out the swings and we can protect the poor," he said.
One of the key aspects of the accord is the Agricultural Market Information System that would stave off panic food speculation, Zoellick said.
French Agriculture Minister Bruno Le Maire said the G20 summit of agriculture ministers had agreed to calm the world market by establishing a transparent system to track global supplies, emergency food reserves, engage in more research into new wheat strains and create a rapid response mechanism to deal with drought in producer countries.
"It is a tour de force for the international community that lets you still believe in the power of solidarity and working together to address the big questions facing the planet, like the future of world agriculture," Le Maire said.
Rising energy prices prompted a spike in food prices in 2008, causing worldwide hardship and sparking riots in some developing countries.
In a reflection of the seriousness of the crisis, this is the first time agriculture and food security have been made a G20 summit topic.
"We all recognize the necessity of putting in place on the market of agricultural products new rules and regulations," Le Maire said.
World Bank President Robert Zoellick appeared at the ministers' side to express support for the new measures.
"We are not going to be able to stop food prices from going up and down, but we can smooth out the swings and we can protect the poor," he said.
One of the key aspects of the accord is the Agricultural Market Information System that would stave off panic food speculation, Zoellick said.
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