G7 agriculture ministers discuss rising fertilizer prices

The G7 agriculture ministers met on June 8 to examine the consequences of the conflict in the Middle East and Iran's de facto closure of the Strait of Hormuz on fertilizer prices and supply chains.

The analyses presented by the FAO, the Agricultural Market Information System (AMIS), and the OECD highlight several risks that could materialize in the medium and long term, with direct repercussions on agricultural production costs and the economic viability of farms, especially with regard to fertilizers and fuels intended for uses other than road traffic.

The G7 members have indicated that they are closely monitoring the situation and are considering measures to mitigate the effects of rising prices on farmers, while promoting diversification and strengthening the resilience of global value chains.

The ministers also underscored the importance of analyses conducted by international organizations, as well as the exchange of information among G7 members, particularly regarding mitigation measures and investments in innovative and diversified agricultural inputs and practices. They reiterated the role of transparent and predictable markets in ensuring the smooth functioning of fertilizer supply chains, strengthening the resilience of agriculture and food systems, and supporting global food security.

The participants concluded that these exchanges will inform the discussions planned for the G7 leaders' summit in Évian and confirmed their willingness to continue the dialogue within the G7 if necessary.