AbstractAgribusiness, broadly defined, is still the most important sector in the world economy. From a policy‐making standpoint, it is best to view agribusiness as an interdependent global food system. When individual countries formulate agriculture and trade policies, they rarely take into account interactions with policies of other nations. The result of uncoordinated policy making has been increased price volatility and greater risk for agribusiness firms. To counteract, new trading entities have formed and the role of trade facilitators such as the World Bank has taken on greater importance. There are needs for international coordinating and conflict resolving mechanisms for the trade of traditional agricultural commodities and high valued products. There is also a need to reconcile the rapidly evolving global agribusiness system with noncommercial agriculture and with persistent hunger problem