The Grain Agreement, which allows Ukraine to export crops from key ports across the Black Sea, has been extended for another 60 days.
This will allow further export of agricultural products from Ukraine abroad. On May 17, Turkish President Recep Tayyip Erdogan announced this on Twitter.
It was decided to extend the agreement on the Black Sea Grain Corridor for another 2 months, the report said.
Erdogan added that Ankara will continue to make efforts to ensure that all the conditions of the “grain agreement” are met and extended in the next period.
The agreement expired May 18. Ukraine insisted on continued initiatives and expansion. However, the Russian Ministry of Foreign Affairs stated that the agreement would cease to work if the parties failed to “reach consensus, taking into account Russian requirements.”
According to Bloomberg, the “grain agreement” has allowed the safe transportation of about 30 million tons of grain since its signing in July 2022. This has helped lower global food prices, which have risen to a record since the full-scale Russian invasion of Ukraine.
Recall, on April 29, the European Commission and five EU countries agreed on the transit of agricultural products from Ukraine. The parties managed to negotiate and agree on an agreement that “will lead to the abolition of unilateral measures” and the resumption of transit.
Sources: Bloomberg
Source: Racurs
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