Black Sea Grain Deal
Ukraine is one of the largest exporters of food grains such as rapeseed, maize, wheat, and sunflower oil. The country has good access to the Black sea ports. Ukrainian ports in the Black sea are the lifelines of the country’s trade with Europe and middle-east. Unfortunately, the Ukraine-Russia war blockaded the ports. To aid Ukraine with its smooth exports, United Nations and Turkey came forward. Under their brokering, Ukraine and Russia signed the Black Sea Grain Deal in July 2022.
What is the Black Sea Grain Deal?
The deal was to provide a safe corridor for Ukrainian exports, especially food grains on humanitarian concerns. The main objective of the deal was to calm markets and to reduce increasing food inflation affecting several countries.
Features of the Deal
JCC – Joint Coordination Centre was created. All commercial ships carrying Ukrainian exports should register with the centre. The representatives from Turkey, the UN, Ukraine, and Russia will oversee the working of the centre. The deal was for 120 days. It was to be renewed again.
Why is it news now?
The next renewal date has come. Russia is refusing to extend the deal. The country is asking for the removal of its sanctions in different parts of the world in return!
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Month: Current Affairs - February, 2023
Category: Economy & Banking Current Affairs • International / World Current Affairs