Sarkozy calls on G20 to adopt common actions against agriculture market volatility

13:51, June 23, 2011      

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French President Nicolas Sarkozy called on the Group of 20 to adopt common actions against the volatility of agriculture markets on Wednesday, was G20 agricultural ministers gathered in Paris for their first meeting under France's chairmanship.

Welcoming agricultural ministers from the twenty most influential countries at the Elysee Palace, Sarkozy urged the participants to adopt a common action plan based on "reinvestment, transparency, coordination, regulation" to ensure food security in the world.

"By adopting this plan, you can change not only the lives of over one billion peasants, but also the course of capitalism ... The whole world relies on your decision, your action, the world can't wait any longer," he said.

According to Sarkozy, strengthening investment in agriculture is the key tool to curb the instability of the agricultural market. "Global agricultural production is too low, compared to demand, and it will be even more serious tomorrow," which requires mobilization of all farming of today, Sarkozy said.

The French president cited the lack of transparency in agriculture as another source of market instability, and said more and better coordination in the international community can contribute to a stable agricultural market.

Pointing his finger at speculative actions on the agricultural derivatives market, Sarkozy called for more coherent link "on the outlook of production, consumption or stock state," and better financial regulation to control price volatility and ensure food security.

French Agricultural Minister Bruno Le Maire will welcome his counterparts from other 19 major economies on Thursday morning. After three hours of negotiation, a press conference concluding their discussion by G20 presidency is expected at noon.

Source: Xinhua
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