Reuters reported today, Monday, that a Russian official has called for the establishment of joint food reserves among BRICS and neighboring countries of Russia from the former Soviet Union, in a move aimed at enhancing global food security.
Addressing Food Security Risks
The official explained that the proposal comes in the context of addressing the increasing risks threatening global food security due to the conflict in the Middle East, which has impacted supply chains and commodity markets.
The Role of Fertilizers in Global Production
He pointed out that nearly half of the world's food directly depends on the use of fertilizers in agriculture, making any disruption in their supply a significant factor affecting global agricultural production.
Disruption in Fertilizer Trade
He added that about a third of global fertilizer trade passed through the Strait of Hormuz, which has experienced severe disruptions since the outbreak of war in the region, affecting international trade flows.
Warning of a Food Crisis
The official warned that if the fertilizer shortage continues until early summer, the productivity of major crops could drop by half, potentially leading to a sharp increase in global food prices and rising inflation rates.
Escalating Global Implications
These warnings reflect growing concerns about the geopolitical crisis's repercussions on global food security, amid ongoing disruptions in supply chains and international markets.