Washington: The US has announced it will host further discussions under the G20 framework in the coming weeks, focusing on food and fertilizer supply issues. This decision follows recent talks in Washington addressing the economic impact of Middle East tensions on global supply chains.
According to Anadolu Agency, the chair's statement from the US G20 presidency revealed that finance ministers and central bank governors met on April 16. They discussed various issues, including the effects of regional conflicts on agricultural markets, value chains, and fertilizer supplies.
The statement highlighted that many members emphasized the importance of maintaining functioning food and fertilizer supply chains, especially for low-income and vulnerable countries. It also mentioned the need to avoid export prohibitions or restrictions on fertilizers.
Coordination efforts by the International Monetary Fund and the World Bank Group to maximize responses to economic disruptions were welcomed by members. The statement noted that many members committed to staying agile and flexible in their macroeconomic policy responses and cooperation.
Participants discussed the potential for coordinated action to promote food security and support market stability. They also stressed the need to diversify fertilizer production to protect the poorest populations from disruptions in food trade supply chains.
The US G20 Presidency confirmed its commitment to hosting further discussions on food and fertilizer in the near future. The G20, which includes the world's major economies, aims to coordinate policies on global financial stability, with recent discussions increasingly focusing on the impact of geopolitical tensions on food security and supply chains.
