The second meeting of Agriculture Ministers of the Organization of Black Sea Economic Cooperation (BSEC) took place in Istanbul earlier this week.
The meeting was devoted to the theme of sustainable development, food systems, the future of aquaculture, and included discussions on food security for future generations, the development of regional trade, and reducing the negative impact on the environment.
During the meeting, the ministers touched upon the issue of price volatility of agricultural products and agreed that price stability is a very important goal for the BSEC region.
Considering that Russia and Ukraine collectively produce around 12% of the worlds wheat crop and Russia ranks fourth in the world in terms of wheat production after the EU, China and India, and ahead of the US, then any efforts to try and smooth out price volatility could have far reaching consequences.
(BSEC member countries are Azerbaijan, Albania, Armenia, Bulgaria, Greece, Georgia, Moldova, Russia, Romania, Serbia, Turkey and Ukraine with observing countries including Austria, Belarus, Egypt, Germany, Israel, Italy, Poland, Slovakia, the United States, Tunisia, France, Croatia, the Czech Republic and the European Commission.)