New Delhi Leaders’ Declaration: “Food prices off peak, but volatile”

financialexpress.com:

While committing to support developing countries in dealing with food security challenges, the New Delhi Leaders’ Declaration on Saturday expressed commitment to facilitate open, fair, predictable and rule-based global agriculture, food and fertiliser trade.

The summit declaration also agreed against imposition of any export ban or restrictions which create market distortions as per the WTO rules.

It appealed for ‘unimpeded deliveries of grains, food and fertilisers from Russia and Ukraine’ following theTurkey and UN-brokered Istanbul agreement between Russia and United Nation on reviving the Black Sea grain deal.

Russia-Ukraine conflict since last year had disrupted the fertiliser and food grains supplies globally and Russia recently decided against renewing black sea grain deal.

India, as one of the largest producers of foodgrains, had banned wheat exports last year and put bans or export taxes on the several varieties of rice, in order to increase domestic supplies.

The New Delhi leaders’ declaration agreed to enhance global food security and nutrition for all in line with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023.

The global meet agreed on strengthening research cooperation on climate-resilient and nutritious grains such as millets, quinoa, sorghum, and other traditional crops including rice, wheat and maize.

India’s push for millet initiative called Maharishi – Millets And Other Ancient Grains International Research Initiative could not be included in declaration because of opposition from few member countries. Aimed at building a sustainable and climate-resilient agriculture system, the summit declaration also agreed upon accelerating innovations and investment which are focused on