G20 agriculture ministers have agreed a 24-page action plan to combat rising foodstuff commodity prices, to be submitted to heads of government at their upcoming November summit.
Following negotiations in Paris, representatives of the world’s major economies hailed the roadmap which calls for greater transparency in “distortion free” commodity markets including a data collection system to detect future shocks.
The ministers on Thursday said they intended to “improve the functioning” of agricultural commodities’ derivatives and stressed the need for “well-functioning” markets and means to manage the risks of excessive price volatility.
In their communiqué, they called for greater and sustainable productivity and “better market information that improves transmission of market signals” as a means of improving the global supply and security of food.
A new Agricultural Market Information System, housed at the United Nations’ Food and Agriculture Organization in Rome, will encourage major players in agricultural markets to share data. It will also “promote greater shared understanding” of food pricing and strengthen policy dialogue.
“We recognise the importance of timely, accurate and transparent information in helping to address food price volatility, and agree on the need to improve the quality, reliability, accuracy, timeliness and comparability of data on agricultural markets (production, consumption and stocks),” the communiqué added.
“The AMIS will involve G20 countries in the early stage and invite other main grain and oilseeds producing, exporting and importing countries, representatives from major commodity exchange markets and the private sector to participate.”
First published at gfsnews.com