WTO hopes agricultural commodities prices will fall after grain deal is extended
GENEVA, 18 November – RIA Novosti. WTO spokesman Daniel Pruzin told RIA Novosti that he expects the extension of the World Trade Organization (WTO) grain agreement to help lower prices for grain and other agricultural products.
“The extension of the Black Sea Grain Export Agreement is good news. The agreement should continue to help millions of people suffering from severe hunger around the world by calming the markets, and hopefully lead to lower prices for grain and other agricultural product inputs,” said Prusin.
As the representative of the organization recalls, former WTO Director-General Ngozi Okonjo-Iweala said that closing the Black Sea trade risks causing a global food crisis that will hit Africa and the Middle East the most.
The grain agreement, signed on July 22 by representatives of Russia, Turkey, Ukraine and the UN, includes the export of grain, food and fertilizer to the Black Sea from Ukraine’s three ports, including Odessa. The Joint Coordination Center (JCC) in Istanbul is responsible for coordinating the movement of ships. The contract expired on November 18, but automatically meant an extension of 120 days if neither party objected. A day ago, the Russian Ministry of Foreign Affairs said that “no such objection has been received” and also noted that the Russian side allowed the technical extension of the “Black Sea initiative” for Ukrainian grain exports without any change in terms and conditions. binoculars.