G-20 vows action to stabilise world food prices

The Group of 20 (G-20) developed and emerging economies have agreed to initiate a series of measures to stabilise volatile world food prices, caused by global instability. The sudden fluctuations in food prices have affected poorer countries most.

The G-20 summit of agriculture ministers in Paris on Thursday agreed to cool markets by establishing a transparent system to track global supplies, setting up emergency food reserves and creating a quick-response mechanism to deal with starvation caused by natural calamities.

Announcing this at the conclusion of the two-day meeting on Thursday, French agriculture minister Bruno Le Maire said countries have also agreed to plough more resources for research on new strains of wheat.

"It is a tour de force for the international community that lets you still believe in the power of solidarity and working together to address the big questions facing the planet, like the future of world agriculture," he said.

"We all recognise the necessity of putting in place on the market of agricultural products new rules and regulations," Le Maire said.

The meeting was convened by the French Presidency, the current chair of G-20 countries, in response to the growing concern about the food price volatility.