The Silver Lining of Rising Food Prices
Higher food prices aren’t all bad, according to the Council on Foreign Relations. Rather, continued increases in the price of foods, especially basic staples like corn and wheat, could provide the pressure needed to break the international deadlock on agricultural policy. In an effort to prevent food shortages, many countries have already begun to reduce agricultural import tariffs as a means of increasing production.
Countries scrambling to fill grocery shelves may be willing to bend where they haven’t previously. If major exporters start exporting less, this in turn could make farm industries in developed countries like the United States feel less threatened by imports… Peter Mandelson, the EU trade minister, notes a shift already afoot: “There’s much less of a need for protectionism than when we started [the Doha Round of global trade talks] in 2001.”
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