(Reuters) - The world's top farm producers in the Group of 20 countries must agree coordinated action to ease worries about food prices, the head of the United Nations food agency said on Monday, as he and other experts bemoaned a huge global waste of food and water.
Showing posts with label food prices. Show all posts
Showing posts with label food prices. Show all posts
7/11/2011
G-20 and food prices
The G-20 will have to ensure there is free trade, without which prices will not come under control.
It is a pity that it took the G-20 — which accounts for 65 per cent of farmland in the world and 77 per cent of foodgrain production — so long to address the issue of surging food prices. Despite the long-standing nature of the problem, it was only two weeks ago that G-20 farm ministers agreed to set limits on export bans and create a crop database in a bid to tackle rising food prices. The agreement included a call for international market regulation, higher farm production and the development of a proposal for emergency food reserves. There can be no denying the G-20's complacency in addressing an issue as important as this. In February, an index of prices of 55 food commodities climbed to a record 238 (base period 2002-04) and it took the G-20 this long to wake up. Around the same time, the World Bank President, Mr Robert Zoellick, said that the elevated food prices had pushed 44 million people into poverty since June 2010, and that another 10 million could be added to the list if the index rose another 10 per cent. The World Bank has estimated that nations will spend $1.29 trillion on food imports this year, the highest ever, and 21 per cent more than last year. The Food and Agriculture Organisation, on its part, has been expressing concern over surging food prices since June 2010.
It is a pity that it took the G-20 — which accounts for 65 per cent of farmland in the world and 77 per cent of foodgrain production — so long to address the issue of surging food prices. Despite the long-standing nature of the problem, it was only two weeks ago that G-20 farm ministers agreed to set limits on export bans and create a crop database in a bid to tackle rising food prices. The agreement included a call for international market regulation, higher farm production and the development of a proposal for emergency food reserves. There can be no denying the G-20's complacency in addressing an issue as important as this. In February, an index of prices of 55 food commodities climbed to a record 238 (base period 2002-04) and it took the G-20 this long to wake up. Around the same time, the World Bank President, Mr Robert Zoellick, said that the elevated food prices had pushed 44 million people into poverty since June 2010, and that another 10 million could be added to the list if the index rose another 10 per cent. The World Bank has estimated that nations will spend $1.29 trillion on food imports this year, the highest ever, and 21 per cent more than last year. The Food and Agriculture Organisation, on its part, has been expressing concern over surging food prices since June 2010.
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