What's New

The Uruguay Round of international trade negotiations, which started in 1986 and concluded in 1994, advanced trade liberalization and led to the formation of the World Trade Organization (WTO). The Uruguay Round Agreement on Agriculture (URAA) stands out as a hallmark, since it brought agriculture—until then mostly not covered by international trade disciplines—into a rules-based framework.

The FAO Food Price Index continued to decline in March, dropping by 2.1 percent from the previous month. The Index has fallen by almost 21 percent since March 2022.

Food prices fell by 0.8 percent in January, according to the FAO Food Price Index. This latest decline brings the Index to the lowest point seen since its peak in March 2022.

In the weeks following Russia's invasion of Ukraine in late February 2022, several countries imposed export restrictions—including licensing requirements, taxes, and some outright bans—on a variety of feed and food products. These measures helped to fuel war-related disruptions in global markets and contributed to higher prices and increased price volatility.

The FAO Food Price Index held steady in November and was only 0.3 percent above its November 2021 level. Rising vegetable oil prices were checked by declines in cereal prices.