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Brazil and Argentina will reject ‘commodity prices regulation’ at G20

Saturday, February 12th 2011 - 05:31 UTC
Full article 5 comments
The proposal was put forward by French president Nicolas Sarkozy The proposal was put forward by French president Nicolas Sarkozy

Brazil and Argentina came out Friday against a French proposal to be put to the G20 to regulate commodity prices whose recent rises are blamed for a spike in food costs.

“We have similar positions” on that and other issues, Brazilian Finance Minister Guido Mantega said in a joint media conference with his Argentine counterpart, Amado Boudou, in Sao Paulo.

“If there's one thing that has to be done, it's to encourage growth and production and not hinder it,” he said.

Boudou said the two countries -- both major commodity exporters -- would present the united front in a G20 finance meeting in Paris next Friday and Saturday.

“We agree to increase supply in our countries or transfer technology to other countries.... But the discussion can in no way look at regulating commodities prices,” he said.

France has said it plans to use its chair of the G20 group of big developed and developing nations to push for commodity price regulation in a bid to block what it saw a speculation in the market of food crops such as grain and cereals.

The G-20 group is scheduled to meet February 18/19 in Paris.
 

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  • Redhoyt

    I thought Argentina was keen to control prices .... no?

    Feb 12th, 2011 - 05:37 am 0
  • mastershakejb

    durp
    Argentina is still a net exporter of food, therefor it's in Argentina's best interest to raise prices of food. VERY simple, elementary concept of economics durp.
    If Argentina did feel drastic measures were needed, it could subsidize prices for home consumption, but still continue to raise global food price.

    Feb 12th, 2011 - 11:56 am 0
  • Denrich

    “Argentina is still a net exporter of food”

    Maybe Argentina should put a little aside for the poor children?

    http://en.mercopress.com/2011/02/06/argentine-aborigine-children-die-of-malnutrition-and-poor-sanitary-conditions

    Feb 12th, 2011 - 02:35 pm 0
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