UN Agency Calls for Renewal of Black Sea Grain Initiative

Geneva: An United Nations Conference on Trade and Development (UNCTAD) report published this week shows how the Black Sea Grain Initiative signed in July 2022 to resume exports of Ukrainian grain via the Black Sea amid the ongoing war has offered hope and shown the power of trade in times of crisis.
 
The report, titled A Trade Hope: The Role of the Black Sea Grain Initiative in Bringing Ukrainian Grain to the Wolrd, underlines why it’s critical to renew the initiative next month.
 
Thanks to the initiative, port activity in Ukraine is picking up and large shipments of grain are reaching world markets. 

As of October 19, the total tonnage of grain and other foodstuffs exported through the initiative had reached almost 8 million metric tons.
 
The UN-led Initiative has helped to stabilize and subsequently lower global food prices and move precious grain from one of the world’s breadbaskets to the tables of those in need, the report says.
 
The Food Price Index published by the UN Food and Agriculture Organization (FAO) has shown that the prices of global food staples have declined in recent months – by about 8.6% in July, 1.9% in August and 1.1% in September.
 
But with the initiative ending in November and its renewal uncertain, the prices of some commodities, such as wheat and maize, are rising again, the report warns.
 
"In a context where trade is very uncertain, signals matter very much," UNCTAD Secretary-General Rebeca Grynspan said in a media release on Thursday.
 
"When there is no clarity, no one knows what is going to happen, and speculation and hoarding take over," Grynspan added.
 
The report was produced with contributions from the Joint Coordination Centre for the Black Sea Grain Initiative, comprised of senior representatives from Ukraine, the Russian Federation, Turkiye and the UN, which ensures the safe maritime transportation of grain and other foodstuffs from the three key Ukrainian ports in the Black Sea to the rest of the world.
 
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