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Global trade tensions fueled by rising government subsidies risk undermining efforts to fight poverty
We are witnessing important setbacks in the open, international trade system that has driven prosperity around the world and lifted billions of people out of poverty in developing countries. Geopolitical tensions, on the heels of earlier trade wars—and accentuated by shocks such as the pandemic, disruptions in supply chains, and climate events—are heightening the risk of economic fragmentation.
Rising Vegetable Oil Prices Drive Up FAO Food Price Index
While the FAO Food Price Index saw a minor increase in July, it remains 16 percent below its July 2022 levels. Rising vegetable oil prices drove the month-to-month increase.
Advancing agricultural trade reforms: Latin American contributions to the multilateral trading system
Multilateral trade negotiations over agriculture present a complex set of challenges: Finding a balance between the diverse interests and positions of the 164 members of the World Trade Organization (WTO) is exceedingly difficult due to the importance and varied sensitivities of this sector across countries. Those with significant agrifood exports want new market opportunities and thus promote greater trade liberalization; other members, generally importers, prefer to focus on increasing domestic production and protecting their domestic markets.
End of the Black Sea Grain Initiative: Implications for sub-Saharan Africa
Russia’s July 17 withdrawal from the Black Sea Grain Initiative (BSGI), has sparked fears of reduced exports of wheat and other key commodities to developing countries, along with other market disruptions.
India’s new ban on rice exports: Potential threats to global supply, prices, and food security
On July 20, India announced that it would restrict exports of non-basmati rice to calm domestic rice prices that had risen more than 30% since October 2022 (Figure 1). The ban would halt overseas sales of the grain with “immediate effect,” the government announced, and is estimated to cover about 75%-80% of Indian rice exports.