Farm ministers from the Group of 20 developed and emerging economies plan to meet in Paris possibly in June to address surging food prices, in their first ever gathering under G-20 auspices, Japanese government sources have said.
The main issues to be discussed will be steps to stem price increases and setting up a mechanism aimed at monitoring speculative moves, the sources said.
Increasing demand for foods in emerging economies and the influx of speculative money have apparently driven up commodity prices internationally, prompting an increase in retail prices for coffee and oil in Japan and other countries.
Growing popular discontent over food price increases has also been cited as a factor behind the recent uprisings in Tunisia and Egypt, raising concerns among leaders in some countries.
The idea of a G-20 farm ministers' meeting came from French President Nicolas Sarkozy, whose country will host this year's G-20 summit meeting, according to the sources.
Finance ministers and central bank heads from the G-20 economies are expected to discuss speculative moves at a meeting in Paris from February 18, including concrete steps to monitor them.
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The prices of grains and sugar are on an upward trend due to unseasonable weather in many parts of the world, with the U.N. Food and Agriculture Organization's Food Price Index rising to an all-time high in January.
The G20 comprises of twenty developed and developing nations of the world including India. South Africa, Canada, Mexico, US, Argentina, Brazil, China, Japan, South Korea, , Indonesia, Saudi Arabia, Russia, Turkey, France, Germany, Italy, UK, Australia and the European Union are the other members. (Kyodo)