Thursday 30 June 2022
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EU, G7 and FAO will also monitor fertilizers in addition to food

The agriculture ministers of the rich western industrialized countries and the European Union promised to take action this weekend against the scarcity and rising costs of fertilizer. That is what the G7 countries and the EU agreed at their summit in Germany last weekend.

The United States, Canada, France, Germany, Italy, Japan and the European Union have agreed to increase funding for the global Agricultural Market Information System (AMIS). This FAO oversight body already oversees the wheat, maize, rice and soybean markets. That will now also monitor supplies and global supplies, including fertilizer availability.

AMIS needs to do more of what it already does, but also keep an eye on global fertilizer prices and stocks, said US Minister of Agriculture, Nature and Food Quality Tom Vilsack. Many of us believe there is speculation in the grain markets, he added.

When markets are tight and information is cloudy, countries are more likely to panic and take actions such as cutting grain or fertilizer exports, making the situation worse, said Joe Glauber, who leads the interim government. secretary of AMIS against the American Agri-Pulse.

International banking sanctions against Russia and Belarus following Russia's invasion of Ukraine, along with imposed Russian export restrictions, have halted much of the international fertilizer supply.

In addition, the G7 and EU have expressed support for the United Nations' plan to establish a Global Crisis Response Group on Food, Energy and Financing.

The geopolitical landscape has been fundamentally changed by the Russian war against Ukraine. Coupled with the Russian blockade of Ukrainian grain, the world is facing worsening food insecurity and malnutrition. This is at a time when 43 million people were one step away from famine, the G7 and EU concluded.

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