Following implementation of the Uruguay Round agreement, reductions in price support programs, mainly in developed countries, will lead to reductions in food surpluses and stocks. As the developing countries open up their markets to world price signals, they could be hurt by fluctuations in prices, especially in the event of shortfalls and high food prices, unless measures to alleviate instability are undertaken. The Uruguay Round agreement can be an instrument for helping the developing countries to achieve food security by 2020 and to assure access to basic food for all. Steps need to be taken to ensure that developing countries, with assistance from the international community, are able to deal with the adverse effects of high food price instability. The author outlines four major policy actions which should be considered.