G20 reaches consensus deal on food price volatility, US says
The Group of 20 countries on Thursday agreed on a consensus plan to tackle food price volatility and improve food security at the end of two days of talks in Paris, United States officials said.
The agreement includes a plan to increase agricultural output through new technology, remove export restrictions for food purchased for humanitarian needs and establish an international agricultural market information system. It was described as "an historic union of resolve" by US Agriculture Secretary Tom Vilsack, DPA reported.
The plan, as set out by Vilsack, made no mention of increased regulation of the agricultural commodities derivatives market.
France has been pushing for more regulation to combat speculation in agricultural commodities, which is blamed for driving up food prices.