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G20: Ministers Agree To Fight Volatility Of Ag Prices

24 June 2011

GENERAL - At the G20 Farm Ministers meeting, 20 of the most powerful economies in the world have agreed an action plan to fight against the volatility of agricultural prices.

Together, the G-20 nations committed to increasing agricultural production through use of improved practices and technologies and a commitment to new and expanded research and development.

"The need for market transparency and consistency with science-based rule-making systems among our nations and the international community is stronger than ever," said US Secretary of Agriculture, Tom Vilsack.

"Purposefully then, we support establishing the groundwork for an international agricultural market information system, or AMIS, that if fully supported and utilised, will mitigate volatility and reduce market distorting signals by promoting greater shared understanding of food production and price information."

"This is a tour de force for the international community," French Minister of Agriculture, Bruno Le Maire added.

"The consensus reached this week by the Ministers of Agriculture is a historical unity to solve the pressing challenges of hunger and the volatility of food prices," Secretary Vilsack concluded.

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