With regard to agricultural commodities and markets, the forum addressed: the state of agricultural markets and drivers of increased volatility; trade and other policy options for modernizing agriculture in developing countries; new technologies to increase agricultural productivity; and long-term sustainable supply and demand, technological innovation and early warning systems for food security.
31 January 2011: The Global Commodities Forum (GCF), a high-level platform on commodity markets organized by the UN Conference on Trade and Development (UNCTAD), was held 31 January-1 February 2011 in Geneva, Switzerland. Among other issues on its agenda, the forum focused on impacts of volatility in international commodity markets, in particular agricultural commodities, in developing countries.
With regard to agricultural commodities and markets, the forum addressed: the state of agricultural markets and drivers of increased volatility; trade and other policy options for modernizing agriculture in developing countries; new technologies to increase agricultural productivity; and long-term sustainable supply and demand, technological innovation and early warning systems for food security. Speakers during the opening panel stressed the need to address price volatility in the face of rising prices for basic products that are approaching the limits reached during the 2008 food and energy crises.
UNCTAD Secretary-General Supachai Panitchpakdi said that natural events such as floods in Pakistan and fires in the Russian Federation, events which may be linked to climate change, have spurred upward pressure on prices for agricultural goods such as wheat and cotton. Stressing impacts of such volatility on vulnerable groups, such as low-income households in developing countries, he urged the identification of policy levers that can rein in excessive volatility and maintain prices within a reasonable band. [UNCTAD Press Release] [GCF Programme]