US to host more G20 talks on food, fertilizer as war fallout bites

The United States is the current rotating chair of the Group of 20, which represents 85 percent of the global economy.

"The United States G20 Presidency commits to hosting further discussions on the subject of food and fertilizer in the coming weeks," according to a chair statement from the US Treasury Department.

US-Israeli strikes on Iran since February 28 have prompted Tehran to retaliate by blocking the Strait of Hormuz, a key waterway for energy and fertilizer shipments.

At a meeting of G20 finance ministers and central bank governors last Wednesday in Washington, participants discussed the economic hit from the war, particularly on agriculture markets and fertilizer, the statement said.

"Many members raised the importance of efforts to keep food and fertilizer supply chains functioning, particularly for low-income and vulnerable countries, by not imposing export prohibitions or restrictions on fertilizers," it said.

G20 members also "discussed the potential for coordinated action to promote food security and support market stability."

The meeting took place on the sidelines of the International Monetary Fund and World Bank's spring meetings, which brought finance ministers, central bankers and other senior officials from around the world to the US capital.

The G20 leaders' annual summit will be held in December in Miami.