Miller Magazine Issue: 152 August 2022

34 MILLER / AUGUST 2022 NEWS • Facilitating trade and the international supply of food: In the short term, releasing stocks, as appropriate and consistent with WTO rules, and finding a diplomatic solution to evacuate the grains and fertilizers currently blocked in Ukraine, will help address availability and affordability of food supplies. Facilitat- ing trade and improving the functioning and resilience of global markets for food and agriculture, including cereals, fertilizers, and other agriculture production inputs are key, as outlined in the WTO Ministerial Declaration on the Emergency Response to Food Security. The 2008 crisis taught us that imposing glob- al trade restrictions leads directly to increases in food prices. Removing export restrictions and adopting inspections and li- censing processes that are more flexible help minimize supply disruptions and lower prices. Increasing transparency through notifications to the WTO and improving the monitoring of trade measures will be critical. • Boosting production: Taking action to encourage farmers and fishers to boost sustainable food production – in both de- veloping and developed countries - and improve the supply chains that connect them to the world’s eight billion consumers is needed. This requires affordable fertilizers, seeds, and other inputs through the private sector as the primary actor in these markets. Providing working capital for competitive producers is also a key priority. Looking forward, disseminating best practice knowledge by FAO, WBG, and others will be key to increas- ing efficient fertilizer use through the rapid deployment of soil maps, extension services and precision agriculture technology. This will provide producers with the necessary know-how cru- cial for maintaining production levels and promoting sustain- able use of natural resources. • Investing in climate-resilient agriculture: Supporting resil- ient investments in agricultural capacity and providing support to adaptation, smallholder farms, food systems and climate-smart technologies are essential to develop a resilient climate-smart agriculture that will ensure steady production in the years to come. Work on norms and standard-setting for food safety and on value chain infrastructure (storage facilities, cooling facilities, banking infrastructure and insurance infrastructure) is also im- portant to increase access and reduce inequality. Previous experience demonstrates that it is important to sup- port developing countries hurt by price increases and shortag- es to meet their urgent needs without derailing longer-term de- velopment goals. Assuring that the most vulnerable countries facing significant balance of payments problems can cover the cost of the increase in their food import bill to minimize any risk of social unrest is essential. Development financing should pro- vide clients with viable alternatives to inward-looking policies such as export bans or blanket subsidies of fertilizer imports. Investments in scalable safety nets and climate resilient agricul- ture and sustainable fisheries and aquaculture are good win- win examples. We call for countries to strengthen safety nets, facilitate trade, boost production, and invest in resilient agriculture. Country specific needs should be identified and defined through a country-based process that mobilizes investments frommultilat- eral development banks to connect short-, medium- and long- term opportunities. And we commit to working together to sup- port this process through the Global Alliance for Food Security, jointly convened by the G7 Presidency and the WBG, to monitor the drivers and the impact of higher prices and help ensure that investment, financing, data, and best-practice knowledge are available to countries in need.