Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Apparent beheading of Steven Sotloff sees more calls for #IsisMediaBlackout

Read more

AFRICA NEWS

Lesotho Coup: Exiled Prime Minister vows to return home after fleeing

Read more

DEBATE

Child Migrants In America: What to do about the wave of unaccompanied minors? (Part Two)

Read more

DEBATE

Child Migrants In America: What to do about the wave of unaccompanied minors?

Read more

THE INTERVIEW

Abbas Araghchi, Iranian deputy foreign minister

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

FOCUS

When water becomes a weapon of war

Read more

ENCORE!

Eve Ensler: 'In The Body Of The World'

Read more

THE INTERVIEW

Ed Husain, Author of 'The Islamist'

Read more

  • IS video purports to show beheading of second US journalist

    Read more

  • Obama orders 350 more US troops to Baghdad

    Read more

  • France’s former first lady lifts lid on 'cold' Hollande

    Read more

  • French mum reunited with daughter 'kidnapped by jihadist father'

    Read more

  • Video: Bodies ‘left behind’ as Ukraine forces flee rebel assault

    Read more

  • Trust and 'bio-disaster units' needed to fight Ebola

    Read more

  • France vows crackdown on unemployment benefit ‘abusers’

    Read more

  • Could France sell the Mona Lisa to pay off its debts?

    Read more

  • Iraqi forces advance on IS as protesters storm parliament

    Read more

  • Germany blocks popular car pick-up service Uber

    Read more

  • Several UN peacekeepers killed in Mali explosion

    Read more

  • French clubs left behind as others spend big

    Read more

  • Arab media strike back at IS Islamists – with cartoons

    Read more

  • NATO plans new 'spearhead' force to counter Russia

    Read more

  • When water becomes a weapon of war

    Read more

  • US military targets Somalia's al Shabaab Islamist group

    Read more

  • Eve Ensler: 'In The Body Of The World'

    Read more

France

First-ever G20 farm summit to sign deal aimed at stabilising food prices

Video by Jade BARKER

Text by News Wires

Latest update : 2011-06-23

The first-ever G20 farm summit concludes in Paris Thursday, following talks on regulation in the industry. Leaders are set to pass a farm data plan to stabilise food prices, which hit a record high in 2010.

REUTERS - A first-ever gathering of G20 farm ministers is set to seal on Thursday plans for a global database to help curb volatility in food commodities, while leaving divisive regulatory issues for finance ministers.

Talks so far have achieved consensus around most of the proposals tabled by the French G20 presidency, sources close to the negotiations told Reuters on Wednesday.

Two officials leaving after a ministerial dinner opposite the Presidential Elysee Palace on Wednesday said there had been progress but still no overall deal yet.

France is keen to crown agreement on areas like data transparency and policy coordination with firm proposals for regulating commodity derivatives, but partners like Britain remain opposed to stringent controls on financial markets.

“A market that is not regulated is not a market but a lottery where fortune favours the most cynical instead of rewarding work, investment and value creation,” French President Nicolas Sarkozy told G20 farm ministers at the start of their two-day gathering in Paris.

“Reinvestment, transparency, coordination, regulation: these are the key words of the action plan you have developed with (French farm minister) Bruno Le Maire. I hope that you will be able to approve it tomorrow.”

Britain played down the role of speculation in market upheavals, putting the focus on raising farm production and passing on the sticky issue of regulation to the finance ministers of the Group of 20 leading economies.

“The underlying reason for price volatility is the tightness between supply and demand,” British Agriculture Secretary Caroline Spelman told Reuters Insider television.

“The main way you help stabilize prices is to produce more food ... and by being more transparent about it so people know where food is being produced and where it is being stocked to make better decisions.”

Farm ministers negotiated late into the night on Wednesday, with G20 sources saying talks focused on regulation, with one adding that the conditions in which humanitarian food stocks would be implemented were also being reviewed.

“We are still talking about how much emergency stocks would be needed, how they would be managed and who will pay for them,” the source said, asking not to be identified.

World food prices hit a record high earlier this year, reviving memories of soaring prices in 2007-2008 that sparked riots in developing countries, and giving fresh urgency to debate about how to improve a global food system that leaves some 925 million people hungry.

The final communique at the G20 farm meeting was expected to be roughly similar to a draft obtained by Reuters last week, backing proposals to look into emergency food reserves, to limit export bans by exempting humanitarian aid, and to join forces in wheat research to support sustainable growth in food supply.
 

Date created : 2011-06-23

COMMENT(S)