Accurate and Timely Information Crucial for Global Food Security

The 24th session of the Agriculture Market Information System (AMIS) Global Food Market Information Group, held at the World Trade Organization (WTO) headquarters on 6-7 November, highlighted the importance of accurate and timely information on international agriculture markets for addressing climate change, conflict, and other challenges impacting global food markets. Edwini Kessie, Director of the WTO's Agriculture and Commodities Division, noted the crucial role that AMIS has played in enhancing transparency on global food markets and strengthening food security. AMIS, an inter-agency platform launched in 2011 by the Group of 20 agriculture ministers, brings together major traders of agricultural commodities to enhance food market transparency and policy responses to food insecurity.

The WTO Ministerial Declaration on the Emergency Response to Food Insecurity, adopted at the 12th Ministerial Conference in June 2022, emphasized the importance of promptly sharing relevant information about policies that may affect trade and markets for food and agriculture. Representatives from governments, international organizations, academia, and AMIS national focal points attended the meeting, which included an overview of global trends in commodities markets and examined the impact of El Nino conditions on the agriculture sector.

Key Takeaways:

Accurate and timely information on international agriculture markets is essential for addressing climate change, conflict, and other challenges impacting global food markets.
The Agriculture Market Information System (AMIS) has played a crucial role in enhancing transparency on global food markets and strengthening food security.
The WTO Ministerial Declaration on the Emergency Response to Food Insecurity, adopted in June 2022, emphasized the importance of promptly sharing relevant information about policies that may affect trade and markets for food and agriculture.
AMIS is an inter-agency platform launched in 2011 by the Group of 20 agriculture ministers, bringing together major traders of agricultural commodities to enhance food market transparency and policy responses to food insecurity.
The group includes ten international organizations and agencies, including the WTO, hosted in the Rome headquarters of the UN Food and Agriculture Organization.
The AMIS Market Monitor provides a regular synopsis of major developments in international commodity markets.
Joseph Glauber, Interim Secretary of AMIS, stated that the improved information provided by AMIS has been useful to governments in adjusting to shifting market circumstances.
Seth Meyer, Chair of AMIS and Chief Economist with the U.S. Department of Agriculture, noted that market transparency and trade are ways to moderate shocks in the market, helping better policy decision-making.
The value of this work has been clear in recent months, as governments have taken steps to lift or to ease the export restrictions that some imposed in the wake of the food price spikes in March 2022.
Improving food security is a major focus of WTO negotiations on food and agriculture, in the run-up to the 13th ministerial conference in February 2024.

Statistics:

80-90% of global production, consumption, and trade volumes of crops such as wheat, maize, rice, and soybean are represented by G20 members plus Spain and seven other major traders of agricultural commodities.
9% of the world's population still face hunger, as of the time of the meeting.
The March 2022 food price spikes led to the imposition of export restrictions by some governments.
The AMIS Market Monitor is released on a regular basis, providing a synopsis of major developments in international commodity markets.

Sources:

World Trade Organization (WTO). (2023). Agriculture Market Information System (AMIS) Global Food Market Information Group. Conference Summary, November 6-7, 2023.
WTO Ministerial Declaration on the Emergency Response to Food Insecurity, adopted at the 12th Ministerial Conference in June 2022.