G20 arrives at a consensus on food commodities: US

Posted By: Biswajeet Panda
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Paris, Jun 23: Agriculture ministers of the G20 member nations have reached a consensus on steps to develop food security and combat fledgling price at talks on Jun 22, informed Tom Vilsack, the US Agriculture Secretary.

In a statement, Vilsack said, "The consensus reached today by the G20 agricultural ministers marks an historic union of resolve in combating the pressing challenges of hunger and food price volatility confronting our world with greater regularity."

He also informed that the group agreed on the necessity to improve food security by increasing agricultural yield through developed and sophisticated practices and technology.

France had led an initiative to stem the market speculation, seen by as many experts as the main factor responsible for the 2007-2008 commodity price surges that had triggered for food riots.

The agriculture ministers of the G20 member nations also lent support to the idea of having an international agricultural market information system, or AMIS, informed Tom Vilsack.

He said that "if fully supported and utilised" the information system "will mitigate volatility" on agricultural commodity markets by ameliorating yield and price data.

However,  the US Agriculture Secretary did inform anything about increasing market regulations to stifle price unpredictability- a main issue that divides the world's top economies.

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