G-20 to Meet on Fertilizer Supply in Coming Weeks

Washington, April 20 (Jiji Press)–The Group of 20 advanced and emerging economies will hold a meeting in the coming weeks to discuss ways to ensure stable supplies of fertilizers, the U.S. Treasury Department said Monday. The meeting on “further discussions on the subject of food and fertilizer” will be hosted by the United States, this year’s G-20 chair, the department said in a statement to sum up talks held among G-20 finance ministers and central bank chiefs in Washington on Thursday. Fertilizer supplies have been disrupted as the Strait of Hormuz remains effectively closed following the U.S.-Israeli military operations against Iran. At Thursday’s meeting, participants discussed “a range of issues, including the economic impacts of the conflict in the Middle East,” such as agriculture markets, value chains and fertilizers, with many members raising “the importance of efforts to keep food and fertilizer supply chains functioning, particularly for low-income and vulnerable countries, by not imposing export prohibitions or restrictions on fertilizers,” the statement said. Since the disruption of fertilizer supplies from the Middle East could lead to spikes in food prices, the G-20 officials discussed strengthening food security and “the potential for coordinated action to promote food security and support market stability,” it said. “Many members emphasized the importance of diversified fertilizer production to buffer the poorest (nations) from disruptions in food trade supply chains,” the statement added. At the meeting, many participants underscored the need to calm the Middle East situation as soon as possible. The G-20 members include the Group of Seven major industrialized countries–Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union–and the African Union. END [Copyright The Jiji Press, Ltd.]