The Australian Government has announced an additional $250,000 investment into the improved agricultural market intelligence initiative.
Speaking from the 43rd session of the Food and Agriculture Organisation conference in Rome, Minister for Agriculture, Fisheries and Forestry Murray Watt stated that through the Agriculture Market Information System (AMIS), Australia’s additional funding commitment would provide up-to-date monitoring of global prices, futures markets, and fertiliser forecast.
Minister Watt noted that the funding would also support greater price transparency throughout the food supply chain.
“AMIS plays an important role in disseminating trade information and technical market data to support the transparency and proper function of global agricultural markets. That information is vital so our farmers can make evidence-based decisions — particularly grains producers and exporters,” Minister Watt said.
According to the Minister, Australian farmers will benefit from increased global market certainty and predictability in global marketplaces and supply networks.
AMIS gathers statistics on crop supply and demand and monitors and analyses policy developments affecting agricultural markets.
AMIS, according to Minister Watt, also promotes informed decision-making by policymakers, analysts, and those directly involved in the trade.
“It provides a platform for governments around the world to coordinate policy actions and that helps to prevent unexpected price hikes. And it is vital for supporting global food security, and another way in which Australia is helping to meet the United Nations’ Sustainable Development Goals,” Minister Watt said.
Following global food price increases in 2007/08 and 2010, the G20 Ministers of Agriculture formed AMIS in 2011.
It comprises G20 members as well as Spain and seven other major exporting and importing countries of agricultural commodities.
