Global food prices to fall amid rise in exports (The Daily Sun)
- Impact Area
The Daily Sun (Bangladesh) quotes Johan Swinnen, Director General of the International Food Policy Research Institute (IFPRI) and Managing Director of Systems Transformation, CGIAR, who spoke with reporters in Dhaka on Sunday before signing a Memorandum of Understanding (MoU) between IFPRI and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) secretariat.
“The global food price spike is expected to ease in the future due to increased exports by several countries,” said Swinnen.
He noted that Russia has significantly increased its wheat exports, while Canada and other countries have also surged their export rates. Additionally, North American countries are expected to have a good harvest to help compensate for the crisis. This will bring about a big re-adjustment in the future, he said, adding that the price spike is currently very high in most countries, particularly in Bangladesh.
The MoU with BIMSTEC formalizes a partnership to promote sustainable and inclusive food systems transformation in the region.
IFPRI, with support from the Bill and Melinda Gates Foundation (BMGF) and the BIMSTEC Secretariat, is conducting research and facilitating capacity sharing in the region to help realize BIMSTEC’s full potential in the agri-food domain. The MoU will facilitate further collaboration and partnerships to work towards a sustainable and inclusive transformation of food systems in the region.