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APEC Business Advisory Council calls for int’l grain reserve fund

November 14, 2011, 3:56 UTC+3
The creation of an international grain reserve fund can be discussed to buy grain and food and to put them on the market at the period of price hike
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HONOLULU (Hawaii), November 14 (Itar-Tass) —— The APEC Business Advisory Council offered to create an international grain reserve fund, a co-chairman of the APEC Business Advisory Council Ziyavudin Magomedov told reporters here on Sunday local time.

“The creation of “the grain OPEC” is not on the agenda. The APEC Business Advisory Council stated that the mechanisms of tighter regulations over the grain producers and exporters are needed to minimize the price peaks on the food markets,” he noted. “For instance, the creation of an international grain reserve fund can be discussed to buy grain and food and to put them on the market at the period of price hikes,” Magomedov elaborated.

“New tougher approaches to the speculations restricted on the grain markets are also needed,” the chairman of Russia’s Summa Group concluded. “Meanwhile, food markets should be more transparent and the introduction of a special information system, which is being debated at the G-20 level, may promote this tendency,” he pointed out.

“Our initiatives find the support among other APEC states,” Magomedov underlined.

After the first working meeting of the APEC summit the APEC leaders were participating in a meeting with members of the APEC Business Advisory Council. The APEC business captains give their recommendations for economic development at the meeting.


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