They have also agreed to look at new rules to tackle food price speculation. However, it remains to be seen whether these will be adopted. This is because any moves to target speculators in the food commodity markets will have to be agreed by G20 finance ministers at a later date.
France had led the call for tough action on speculation, while the UK has instead said that the focus should be on better aligning supply and demand of food products.
Other polices agreed at the meeting include the creation of a new international agricultural market information system to improve access to food output statistics. In addition, the G20 has agreed to exclude humanitarian aid from export restrictions, and explore the implementation of humanitarian food aid stocks. Regarding biofuels agriculture ministers said they recognised the need for further analysis of the issue. There is controversy over whether biofuels contribute to higher fuel prices by using up land that otherwise could grow crops for human consumption.