ROME, Oct 15: French Agriculture Minister Stephane Le Foll on Monday called for strategic food reserves to be set up in vulnerable countries to ease prices in time of crisis, saying market self-regulation was not the way.

“Some countries still believe the market can self-regulate,” Le Foll told AFP at the UN’s Food and Agriculture Organisation (FAO) in Rome on the eve of World Food Day when he will host talks on lowering global food prices.

Le Foll also called for greater transparency on world food markets and said there should be more action on eliminating waste in food consumption in developed countries and in food production in developing countries.

Asked about the delays in establishing reserves, he said: “These are more difficult problems, heavier in political terms on a global scale.”

“When there is a major problem on the market, if you do not have a reserve to make up for the fall in demand you get a sharp rise in prices,” he said.

“Some countries are still reluctant but this is an issue that has to be managed and coordinated on a global level,” he added.

Le Foll said the meeting on Tuesday will include ministers from 20 countries, as well as high-level officials including from the United States.—AFP