Negotiations to Revive Black Sea Grain Deal
- The Black Sea Grain initiative endeavours to tackle escalating food prices emanating from supply chain disruptions because of Russian actions in the world’s ‘breadbasket’.
- The deal brokered by the United Nations (UN) and Turkey, was signed in Istanbul in July 2022.
- The Initiative specifically allows for commercial food and fertilizer (including ammonia) exports from three key Ukrainian ports in the Black Sea – Odesa, Chornomorsk, Yuzhny/Pivdennyi.
- Turkey has played a crucial role in attempting to reinstate the grain deal. It has consistently pledged to renew arrangements that helped prevent Food Crises in various parts of Africa, the Middle East, and Asia.
- Both Ukraine and Russia are significant suppliers of wheat, barley, sunflower oil, and other essential goods for developing nations.
- Recently, the Turkish President has met with the Russian President in order to revive the Black Sea Grain Deal, which Russia had withdrawn from in July 2023.
- Ukraine is among the largest exporters of wheat, maize, rapeseed, sunflower seeds and sunflower oil, globally.
- Its access to the deep-sea ports in the Black Sea enables it to directly approach Russia and Europe along with grain importers from the Middle East and North Africa.
- The initiative has also been credited for having made a huge difference in the global cost of living crisis.
- This agreement facilitated the safe export of nearly 33 million metric tons (36 million tons) of grain and other commodities from three Ukrainian ports despite Russia’s Ongoing War.
- People hoarding the grain in the hope of selling it for a sizable profit owing to the supply crunch were now obligated to sell.
- Although the initiative alone cannot address global hunger, it can avert the chances of the global food crisis spiralling further, especially when the region is yet to scale prior year levels.