THE BLACK SEA GRAIN INITIATIVE
8th November, 2022 EXTRA TOPIC OF THE DAY
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- Recently Russia re-joined the Black Sea Grain deal.
- The deal, brokered by the United Nations (UN) and Turkey, was signed in Istanbul in July 2022.
- The central idea was to calm markets by ensuring an adequate supply of grains, thereby limiting food price inflation.
Why was the grain export deal signed?
- Ukraine is one of the world’s largest exporters of wheat, corn and sunflower oil, but Russia’s invasion of the country and naval blockade of its ports has halted shipments.
- Some grain is being transported through Europe by rail, road and river, but the prices of vital commodities like wheat and barley have soared during the nearly five-month war.
- Ukrainian and Russian military delegations reached a tentative agreement on a U.N. plan that would also allow Russia to export its grain and fertilizers.
What is the grain export deal?
- The deal makes provisions for the safe passage of ships.
- It foresees the establishment of a control centre in Istanbul, to be staffed by U.N., Turkish, Russian and Ukrainian officials, to run and coordinate the process.
- Ships would undergo inspections to ensure they are not carrying weapons.
- No Russian ship would escort vessels and there would be no Russian representative present at Ukrainian ports.
- Ukraine was expected to export 22 million tons of grain and other agricultural products that have been stuck in Black Sea ports due to the war.