Amid soaring food costs and the added uncertainty of the Russian invasion of Ukraine, G7 agricultural ministers are calling on countries to keep agricultural exports moving.
In a joint statement Friday, the G7 ministers said restrictive measures on exports should be resisted, noting that any resulting further increase in food price levels and volatility in international markets could threaten food security and nutrition on a global scale - especially among the most vulnerable.
“We will not tolerate artificially inflated prices that could diminish the availability of food and agricultural products,” the statement said. “We will also fight against any speculative behaviour that endangers food security or access to food for vulnerable countries or populations.”
To that end, the ministers said they will be closely monitoring markets affecting the food system, including futures markets, to ensure full transparency. They also pledged to continue to share reliable data and information on global food market developments, especially through the relevant international organizations.
With commodity prices up sharply, the Food and Agriculture Organization (FAO) of the United Nations last month reported global food prices at a new record high. The Russian invasion of Ukraine has markedly worsened the situation, with those two countries responsible for about 30% of worldwide wheat trade along with 19% of corn supplies and 80% of sunflower oil exports.
Ukraine this week announced agricultural export restrictions of its own, although the G7 ministers acknowledged the “extreme circumstances” behind that decision and the vital importance of preserving the availability of food in the war-torn country. Meanwhile, in response to western economic sanctions, Russia is reportedly banning commodity exports until the end of 2022.
The ministers also offered support to help facilitate harvests in Ukraine and ensure the ability of Ukrainian farmers to feed their population and to contribute to global food security.
“We call on international organizations to support food production in Ukraine during this crisis and ensure food security in affected areas. We remain determined to do what is necessary to prevent and respond to a food crisis, including with humanitarian aid, and stand ready to act as needed to address potential disruptions.”
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