Trade Ministers of the 10-member South East Asian Nations (ASEAN) have agreed to cooperate in securing food price stability in the region. "Essentially, we together agreed not to take steps that could bring the distortion or worsen the chaos of markets. It's very important to make sure food prices, even if rise, not to fluctuate to the illogical level,' said Indonesian Trade Minister Mari Elka Pangestu at an ASEAN Economic Ministers' meeting in Bali on Saturday.

THE Asian Development Bank has rushed to offer cheap loans to poor countries in the region to help them cope with the world food crisis. Warning of a backwards slide in economic development that could potentially plunge millions of people back into poverty, bank president Haruhiko Kuroda told a meeting in Madrid: "The cheap food era may be over." Rising fuel prices, economic subsidies, poor farming methods and climate change have contributed to a sharp increase in the cost of staple crops.

In the wake of the rising food prices owing to a global shortage, the Confederation of India Industry (CII) has decided to set up a task force to chalk out steps to raise farm production, improve productivity and encourage private sector participation in food distribution. In a statement here on Sunday, the apex chamber noted that the rising food prices was a matter of concern and called for an immediate global response by way of a platform for dialogue and action to manage the crisis.

US President George W. Bush has asked the Congress to approve $ 770 million as aid against the current global food crisis, even as he urged the countries to lift restrictions on agricultural exports. The proposed aid is in addition to the existing $ 200 million assistance that has already been provided by the US. "I am calling on the Congress to provide an additional $ 770 million to support food aid and development programmes. Together, this amounts to nearly $ one billion in new funds to bolster global food security,' Bush said, speaking at the White House yesterday.