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Updated Friday, June 24, 2011 11:20 am TWN, AFP

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G-20 reach new agreement on food commodities: US

PARIS -- G-20 agricultural ministers reached a consensus on measures to improve food security and combat price volatility at talks on Thursday, U.S. Agriculture Secretary Tom Vilsack said.

“The consensus reached today by the G-20 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,” Vilsack said in a statement.

He said the Group of 20 nations agreed on the need to improve food security by increasing agricultural production through improved practices and technology.

However Vilsack did not mention increasing market regulation to dampen price volatility, one of main issues dividing the world's top economies who are responsible for three-quarters of global grain production.

France had led an initiative to clamp down on market speculation, seen by as many as responsible for the 2007-2008 commodity price surges responsible for food riots.

G-20 agriculture ministers also supported establishing an international agricultural market information system, or AMIS, said the U.S. minister.

Vilsack said that “if fully supported and utilized” the information system “will mitigate volatility” on agricultural commodity markets by improving production and price information.

Ministers also agreed to remove food export restrictions for food purchased for humanitarian purposes.

“In particular, we recognize that food export bans restricting humanitarian aid penalize the most needy,” Vilsack said in statement.

“We have also reaffirmed our opposition to erecting trade barriers through export bans,” he added.

Export barriers, such as the grain ban imposed by Russia last year following a drought, have roiled markets.

He said ministers supported further work on development of biofuels based on non-food agricultural products.

Poverty relief groups had hoped G-20 ministers would endorse introducing flexible government biofuel mandates that would help alleviate price surges.

“Our cooperation as reflected today is a significant achievement for the nearly 1 billion people grappling with hunger each day,” Vilsack said.

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