Food production across the world is higher than in the past two years; but export bans worsen the crisis
The G-8 nations, during their recent meeting in Toyakocho, Hokkaido, Japan, have urged nations like Argentina, Egypt, India, Indonesia and Russia to stop restricting food exports. “We will strive to ensure that food, agricultural trade and overall trade policies are conducive to ensuring food security for all. For this purpose, we reaffirm the need to minimise the use of restrictive measures that could increase the volatility of international prices,” an FAO declaration said. This meeting in Japan couldn’t have been more killingly ironical. International economists and global leaders forget (conveniently) that Japan itself has hoarded around 1.25 million tonnes of surplus imported rice, which it is not bringing into the market.
But it is not that Japan alone is to blame (though it takes a considerably large amount of blame). The world has got so engrossed in trying to save itself from artificially raised oil prices that it has closed its eyes to the anguish of hundreds of millions of starving people. In many ways, if the issue of bio-fuel, however hyped or over-hyped, is responsible for the food crisis, then the hoarding of food grains is no less a contributor to the world food crisis. While some countries like Japan are sitting on huge piles of food – using it to make either artificial fuel or simply to hoard the same – the others are facing calamitous situations because they simply have nothing left to eat.
The G-8 nations, during their recent meeting in Toyakocho, Hokkaido, Japan, have urged nations like Argentina, Egypt, India, Indonesia and Russia to stop restricting food exports. “We will strive to ensure that food, agricultural trade and overall trade policies are conducive to ensuring food security for all. For this purpose, we reaffirm the need to minimise the use of restrictive measures that could increase the volatility of international prices,” an FAO declaration said. This meeting in Japan couldn’t have been more killingly ironical. International economists and global leaders forget (conveniently) that Japan itself has hoarded around 1.25 million tonnes of surplus imported rice, which it is not bringing into the market.
But it is not that Japan alone is to blame (though it takes a considerably large amount of blame). The world has got so engrossed in trying to save itself from artificially raised oil prices that it has closed its eyes to the anguish of hundreds of millions of starving people. In many ways, if the issue of bio-fuel, however hyped or over-hyped, is responsible for the food crisis, then the hoarding of food grains is no less a contributor to the world food crisis. While some countries like Japan are sitting on huge piles of food – using it to make either artificial fuel or simply to hoard the same – the others are facing calamitous situations because they simply have nothing left to eat.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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