Prices of food on agenda at Group of 20 gatherings

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Prices of food on agenda at Group of 20 gatherings

This year’s Group of 20 meetings are expected to take up how to reduce volatility in international food prices and reform the international monetary system, Korea’s G-20 organizing committee officials told the press yesterday.

“The member countries are likely to talk over improving transparency in the food derivatives market and predictability in harvests,” said Lee Chang-yong, deputy chief of the Presidential Committee for the G-20 Summit.

“They are also expected to discuss whether it is desirable to use foods to produce bio fuels and to ban grain exports,” he added.

Lee said developing nations are often hardest hit by instability in food prices.

French President Nicolas Sarkozy is said to be interested in the issue.

Speaking on comprehensive reform of the international monetary system, SaKong Il, chairman of the G-20 committee, said, “It would be impossible to find an alternative in a single day to replace the dollar as the key currency, but it is certainly an important issue.”

Korea will help form the G-20 agenda for the November meeting, since it hosted the event in 2010, along with host France and future host Mexico.

On Jan. 15 and 16, vice finance ministers and deputy central governors from G-20 countries will convene to discuss global economics and sustainable development.

By Limb Jae-un []
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