G20: Food crisis discussion

2011-06-25 09:57:25

Main topics for discussion during G20 meeting over agriculture were extensive use of biofuels and use of export bans that has driven prices for food commodities at the record highest levels. Two-day meeting has ended on Thursday and the main topic for discussion was brought up by France food security and commodities regulation, which was the result of constantly increasing food commodity prices and global food crisis over the previous year.

Paris in particular wanted to send a strong message concerning regulation of financial commodities market. Agreement about further investigation of the case was presented and it was recommended to limit the number of food contracts held by speculators. Negotiations that lasted two days had certain results: it was stated that the global database that would measure global food supply, inventories, such as corn, wheat, rice, soybean will be created and closely monitored. Humanitarian purchases such as World Food Program were excluded from exports in order to avoid any further restrictions.

UAIndex