WTO: Extension of the grain deal will help reduce prices for agricultural products

The World Trade Organization expected that the extension of the grain deal would help lower the prices of grain and other agricultural products in the world.

This was announced by the official representative of the World Trade Organization (WTO) Daniel Brozin.

He said: “The extension of the Black Sea grain export agreement is welcome news as it will continue to help millions of people around the world suffering from severe hunger by calming the markets and we hope this will lead to lower prices for grain and other agricultural products”.

The representative of the organization also pointed out that the director general of the World Trade Organization, Ngozi Okonjo-Iweala, had previously said that the closure of trade with the Black Sea threatens to cause a global food crisis, from which Africa and the Middle East will suffer the most.

The grain agreement, which was signed on July 22, provides for the export of Ukrainian grain, food and fertilizer across the Black Sea from three ports, including Odessa.

While the Joint Coordination Center (JCC) in Istanbul is the body responsible for coordinating the movement of ships, the agreement provides for its extension after November 18, 2022 for a period of 120 days in the absence of objections from any of the parties. .

Yesterday, the Russian Foreign Ministry said that “there were no such objections”, noting that the Russian side allows a technical extension of the “Black Sea Initiative” for the export of Ukrainian grain without changing the conditions.

Source: News