: G20 works for better global agricultural food trade rules #FinanceIndia #StockMarketNEWS #Business Press Trust of India Bali G20 leaders on Wednesday pitched for updating global agricultural

@StockMarketNEWS Tue 22 Nov, 2022

Posted in: #FinanceIndia #StockMarketNEWS #Business

G20 works for better global agricultural food trade rules #FinanceIndia #StockMarketNEWS #Business
Press Trust of India

Bali

G20 leaders on Wednesday pitched for updating global agricultural food trade rules and to facilitate trade in agricultural and food products with the objective of preventing malnutrition and hunger in the backdrop of geopolitical developments.

This was stated in the G20 Bali Leaders’ Declaration issued after the conclusion of the two-day summit, which was attended top global leaders.

“We are deeply concerned by the challenges to global food security exacerbated by current conflicts and tensions. We therefore commit to taking urgent actions to save lives, prevent hunger and malnutrition, particularly to address the vulnerabilities of developing countries, and call for an accelerated transformation towards sustainable and resilient agriculture and food systems and supply chains,??? it said.

The G20 leaders said they will take further coordinated actions to address food security challenges including price surges and shortage of food commodities and fertilizersglobally.

“We reaffirm the need to update global agricultural food trade rules and to facilitate trade in agricultural and food products, as well as the importance of not imposing export prohibitions or restrictions on food and fertilizers in a manner inconsistent with relevant WTO provisions,??? the declaration said.

It further said the leaders resolved to address food insecurity by ensuring accessibility, affordability, and sustainability of food and food products for those in needs, particularly in developing countries and least developed countries.

They reiterated their support for open, transparent, inclusive, predictable, and non-discriminatory, rules-based agricultural trade based on WTO rules.

“We reaffirm the need to update global agricultural food trade rules and to facilitate trade in agricultural and food products, as well as the importance of not imposing export prohibitions or restrictions on food and fertilizers in a manner inconsistent with relevant WTO provisions,??? the declaration said.

The G20 is committed to sustained supply, in part based on local food sources, as well as diversified production of food and fertilizers to support the most vulnerable from the disruptions in food trade supply chain, it said.

The leaders also committed to support the adoption of innovative practices and technologies, including digital innovation in agriculture and food systems to enhance productivity and sustainability in harmony with nature and promote farmers and fishers’ livelihoods and increase income, in particular smallholders by increasing efficiency, and equal access to food supply chains.

Earlier in the day, Indonesia handed over the G20 presidency to India for the coming year.