When can we expect a G20 summit on agriculture?

The conclusions of the G20 summit which took place on November 15 in Washington DC and which were anxiously expected represent a significant step in the change of mindset regarding government intervention and more generally regulation. Bringing together the leaders of the large developed and emerging countries of the planet which generate 80% of the world’s gross interior product, the G20 members agreed on a “roadmap” aimed at reforming financial markets and boost the world’s economy. The action plan decided at this meeting includes 4 big principles:

1. A coordinated and agreed boost to economic action, through fiscal, budget or monetary policy measures;
2. New regulation of financial markets through reinforced cooperation between international financial regulation institutions;
3. A new international economic governance, more open to emerging countries, more efficient and fairer;
4. Refusal of protectionism and opting for a world open to trade.

Thus, this summit confirmed that, after years of negligence, regulation has again become a main concern- as if it had been forgotten that the market, the engine of the world’s economy, needs a pilot and a dashboard like any engine.

However, even if the measures put forward by the G20 remain but principles, they nevertheless translate a real awareness of the need to regulate international markets, which strengthens Momagri’s approach to agriculture. Let’s hope that the next G20 summit comes to the same conclusions concerning agriculture as it did for international finance.