Technical infrastructure for early warning system on food prices in Turkey to be completed soon

ANKARA

DHA photo

The Food and Agricultural Product Markets Monitoring and Evaluation Committee has decided that studies on the establishment of the Early Warning System would be conducted under the coordination of the Central Bank and Food, Agriculture and Livestock Ministry and said that its technical infrastructure would be completed as soon as possible. 

The committee met on Dec. 30 under the presidency of Deputy Prime Minister Mehmet Şimşek, according to a follow-up press release by the Central Bank. 

“The progress registered so far regarding the Early Warning System, which is slated to be established to support stable supply and price formation of food products, has been evaluated. The committee has decided that studies on the establishment of the system would be conducted under the coordination of the Central Bank and the Food, Agriculture and Livestock Ministry, and within this scope, works on technical infrastructure will be completed as soon as possible,” the statement read. 

The Customs and Trade Ministry presented information on taking logistical measures to reduce product loss rates, strengthening producers and regulating competition conditions in wholesale and retail trade, while a detailed action plan was also reviewed, according to the statement. 

An evaluation was also made on application principles on flexible foreign trade policies which will work in tandem with the Early Warning System, safeguard the sector’s interests, and step in, when necessary, to stabilize the supply and prices of food products. 

A presentation was delivered by the Istanbul Metropolitan Municipality that set examples of studies that can be conducted by local administrations.