G20 agrees agricultural action plan

G20 ministers have agreed an action plan to deal with the high volatility of food prices and issues of food security.

Agricultural leaders of the top 20 economic nations met in Paris today and greed to implement an early warning database – a shared agricultural market information system that will strengthen the exchange of data on crop supply, demand and food stocks. Other measures include an initiative to promote agricultural production.

Minister for the Environment Caroline Spelman said: “This has been a very successful first meeting of G20 Agriculture Ministers, with the UK securing a number of significant outcomes in the final text.

“If the plan is implemented quickly and effectively, it will go a long way to creating a more predictable world for food producers and consumers alike in both developed and developing countries.”

However, the agreement falls short of the French call to regulate speculators on the international food market and those hoping for an end to biofuel targets. A leaked reports from the World Bank, the International Monetary Fund (IMF) and other international bodies claimed that demand for food and feed crops for biofuels was pushing up food prices.