G8 Agriculture Ministers Declaration

The G8 Agriculture Ministers, after meeting in Cison de Valmarino, Italy, from April 18-20, 2009, issued a final declaration today.  The declaration covers much of the same ground as the Rome Declaration, the Comprehensive Framework for Action, and the Madrid Statement, but identifies a couple of issues that will be the focus of more intensive discussion in coming months.

• “We call upon the relevant international institutions to examine whether a system of stockholding could be effective in dealing with humanitarian emergencies or as a means to limit price volatility. They should specifically examine   the   feasibility and  the administrative modalities of such a system. In light of this outcome it will be examined whether further steps should be envisaged and whether a consultation process should be established.”  The idea of a global grains stock scheme is fraught with complications, both economic and political.  This won’t be an easy one upon which to reach consensus.  
• The declaration expresses support for the Global Partnership, a concept that first emerged at the Hokaido G8 Summit, but there doesn’t appear to be much progress toward agreement on how the GP would operate and what its objectives would be.
• Overseas investment in farmland has become a hot topic over the past year.  The declaration doesn’t tackle the issue directly, but the Financial Times reports that FAO and the World Bank both indicated they would be taking further action.  FAO wants to hold a meeting on farmland investment during the summer.  The World Bank intends to publish a code of conduct in the near future.