In this expert panel, organized during the 2024 Global Forum for Food and Agriculture (GFFA), members of the G20 Agricultural Market Information System (AMIS) as well as representatives of AMIS participating countries discussed the importance of transparency for the smooth functioning of global agricultural markets. One of the key questions that was considered in this regard was whether market transparency has improved through the introduction of AMIS, and whether the 2021-22 surge in food prices differed from past crises.

Panelists highlighted the high level of concentration in international grain and oilseed markets that makes the agrifood system vulnerable to external shocks. A disruption in any of the key exporting countries will thus have a direct consequence on prices and volatility. According to the panel, AMIS has played a pivotal role in reducing information asymmetry, an important factor in preventing trade policy restrictions, market volatility, and potentially excessive speculation. By providing comprehensive information on supply and demand dynamics, AMIS has enabled market participants to make better informed decisions during periods of market uncertainty.

Recent efforts by AMIS to expand coverage to fertilizers and vegetable oils were highlighted by several of the panelists as ways in which AMIS has improved its monitoring work. Many noted how the experience during the COVID-19 pandemic and the war in Ukraine, and more recently, the unrest affecting shipping in the Red Sea points to the importance of improving monitoring on logistics and real-time trade flows. Recent financial support from G20 and G7 partners has helped AMIS move towards this goal of improving analytical capacity and early warning capability.

While the progress achieved over the past 12 years is commendable, AMIS continues to face challenges, particularly in obtaining regular and reliable information from its participating countries. AMIS country representatives on the panel stressed the importance of countries to actively engage and support the initiative. They highlighted the crucial function of AMIS as providing a forum for country analysts to convene regularly and discuss the market outlook. It was noted that both during the pandemic and the war in Ukraine, AMIS members met frequently, including in the framework of the AMIS Rapid Response Forum, which members felt was a strong indicator of the relevance of AMIS and the role it played in helping calm the market.

In conclusion, the panel stressed that while AMIS is often most visible during times of market upheaval, the important services it offers should not be taken for granted. Active engagement and support of countries will be critical to ensure that AMIS can continue to provide much needed information and analysis.

Speakers and moderator:

• Denis Drechsler, AMIS Project Manager (keynote presentation and facilitation)
• Maximo Torero Cullen, Chief Economist, Food and Agriculture Organization of the United Nations (FAO)
• Seth Meyer, Chief Economist, United States Department of Agriculture (USDA)
• Sergiy Zorya, Global Lead, Agriculture and Food Global Practice, World Bank
• Catherine Geslain-Lanéelle, Director, DG Agriculture, European Union
• Edoardo Marques, Agricultural Attaché, Embassy of Brazil in Germany
• Ritsuko Yoneda, Director for Multilateral Issues, Ministry of Agriculture, Forestry and Fisheries, Japan
• Arnaud Petit, Executive Director, International Grains Council (IGC)
• Joe Glauber, Senior Fellow, International Food Policy Research Institute (IFPRI)

Watch replay: