News11 July 2017BrusselsAgriculture and Rural Development
Sugar market observatory launched with first expert group meeting
A new EU sugar market observatory was launched on 11 July with a first meeting of EU sugar experts and officials from the Commission's agriculture and rural development department.
Sugar is the latest product to benefit from an observatory, following milk and meat; a fourth observatory, covering crops, will be launched soon. Commissioner Phil Hogan announced the creation of the two new observatories earlier this year in order to help the EU agriculture sector to better handle market volatility, and to analyse and read market signals in order to help producers.
The observatory aims to provide the EU sugar sector with more transparency by sharing market data and short-term analysis in a timely manner. The expert group, which is made up of 14 organisations working in the sugar and sweeteners supply chain as well as EU officials, will meet at least twice a year to provide first-hand information about the situation on the EU market.
The launch meeting focused on the structure and functioning of the observatory and its economic board, and adopt rules of procedures. It also looked at the level of available information about the EU sugar market, including the data sources currently used by the European Commission's agriculture department, and established a work programme and priorities for the observatory. The experts also made an initial evaluation of the current market situation by sharing and comparing their own experiences and analysis of the sugar sector.