THE Black Sea Grain Initiative is continuing to stabilise global food markets, according to the United Nations Conference on Trade and Development.
The initiative is a multilateral agreement between Russia, Ukraine, Turkey and the United Nations set up in July to facilitate the shipment of grain through a dedicated maritime corridor.
The goal was to prevent a food crisis affecting millions of people who rely on grain from Ukraine.
UNCTAD said the initiative is reintegrating much-needed grains into global markets and is bringing down the prices of essential foods worldwide.
As of 12 September, the initiative has reportedly enabled over 2.7 million metric tons of grain and other foodstuffs to move from the Ukrainian ports of Odesa, Chornomorsk and Yuzhny (Pivdennyi).
UNCTAD said the Food Price Index published by the UN Food and Agricultural Organization showed double-digit percentage drops in the cost of vegetable oils and cereals in July and a further 1.9% per cent decrease in August.
“The UN will continue to work with all parties of the initiative to reintegrate Ukraine’s agricultural supplies as well as the food and fertiliser produced by Russia into world markets – despite the war – to better tackle the global food crisis,” he said.
UNCTAD attributed the initiative’s success to the commitment parties participating in the Joint Coordination Centre.
The JCC was established to monitor the movement of commercial vessels to ensure compliance with the procedures and carry out inspections of vessels.
