13 Sept. 2011 A delegation from the Ministry of Finance (MoF), headed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, participated in the G20 conference on commodity price volatility held in Istanbul today.
The conference addressed in detail the issue of the volatility of basic commodities prices in global markets in relation to recent market developments, and how it affects the overall economy. Attendees also discussed the key roles that stock markets have on price fluctuations, relations between economic and financial markets and methods of preventing market abuses.
Other topics highlighted at the meeting included price changes pertaining to fossil fuels and agricultural products, and the importance of achieving food security through applying international coordination efforts and effectively managing price volatility risks for basic commodities in developing countries.
During the meeting, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, thanked the French government who is heading the G20 and the Turkish government for organizing the conference. He then presented the UAE’s paper on the commodities market, and explained that the UAE was adamant on ensuring food security for all its citizens and residents through setting comprehensive national strategies to enhance policies in different sectors.
Al Tayer went on to explain that the issue of food security was one of the key challenges facing the Arab World and affecting Arab cooperation efforts. He also elaborated on the position of the UAE and other Arab states in light of volatility of the prices of basic commodities which pose a serious problem for developing nations.