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Sarkozy : the world must take action to avoid another food crisis

By on June 23, 2011
sarkozy-food-crisisFrench President Nicolas Sarkozy said the world must take action to avoid another food crisis, as G20 agriculture ministers meeting Wednesday in Paris to look into ways to tackle the high cost of food.
He also called on the G20 nations to put in place tighter regulation of food commodity prices, saying “a market that is not regulated is not a market but a lottery”.
A lack of transparency in global agricultural markets is adding to price swings and threatens future food production, Mr. Sarkozy.

France, which holds the G-20 presidency, wants a central database on crops, limits on export bans, international market regulation, emergency stockpiles and a plan to raise global output.
Wheat as much as doubled in the past year as Russia and Ukraine curbed exports after drought decimated crops, adding to record global food prices the World Bank  says drove 44 million more people into poverty since June. Nations will spend $1.29 trillion on food imports this year, the most ever and 21 percent more than in 2010, the United Nations estimates.

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