The Group of 20 countries on Thursday agreed on a plan to tackle food price volatility and improve food security that includes a humanitarian exemption on food export bans, according to dpa. However, the plan made only passing mention to France's proposals for more regulation of agricultural markets. The agreement was reached on the second day of talks between farm ministers from the world's leading developed and emerging economies in Paris. "There are days that are happy days and this is one of them," French Agriculture Minister Bruno Le Maire said, heralding the deal as a "victory of all the farmers and all the agricultural partners the world over." Spiralling prices for wheat, sugar and other basic foods is driving hunger in the developing world. Some 925 million people worldwide cannot adequately feed themselves, according to anti-poverty charity Oxfam. Food prices have also been a factor behind the protest movements in North Africa and the Middle East. The ministers agreed to remove restrictions on exports of food purchased by the United Nations for humanitarian purposes. Russia last year responded to domestic fires and drought by temporarily suspending its grain exports, a move that caused a spike in global wheat prices. While the export ban would be implemented by the World Trade Organization, of which Russia is not a member, US Agriculture Secretary Tom Vilsack said he expected G20 member Russia to honour the deal. Among the other measures agreed were the establishment of a Rapid Response Forum, where international agriculture officials can plan joint responses to food crises, and plans to invest more in technology to improve global food production and productivity. The ministers also agreed to set up an international agricultural market information system for the voluntary sharing of data on food production, consumption and stock levels. They also called for more regulation of agricultural financial markets - a key demand of France - but stopped short of announcing any new controls. French President Nicolas Sarkozy blames spiralling food prices on speculation in agricultural derivatives and called for more intervention to stop traders betting against foodstuffs. Britain, Brazil, Argentina had resisted more controls. The final communique called on G20 finance ministers and central bank governors "to take the appropriate decisions for a better regulation and supervision of agricultural financial markets." This is the first time agriculture is being discussed at the G20 and comes ahead of a summit of G20 leaders in November in Cannes. Vilsack described the deal as "an historic union of resolve." World Bank President Robert Zoellick also said the package of actions agreed "will make a difference." "We can't solve all the problems of food and agriculture here, but this is an important down payment," he said.
