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Black Sea Grain Initiative

Posted on November 3, 2022 by admin1  1024

In News

  • Russia recently re-joined the Black Sea Grain deal.

About Black Sea Grain Initiative

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  • The deal was brokered by the United Nations (UN) and Turkey.  
  • The deal was to provide for a safe maritime humanitarian corridor for Ukrainian exports (particularly for food grains) from three of its key ports, namely, Chornomorsk, Odesa and Yuzhny/Pivdennyi in the Black Sea. 
  • It aims to tackle rising food prices due to the geopolitical conflict.
  • Joint Coordination Centre (JCC): 
    • The deal put in place a Joint Coordination Centre (JCC), comprising senior representatives from Russia, Turkey, Ukraine and the UN for oversight and coordination.   
    • All commercial ships are required to register directly with the JCC to ensure appropriate monitoring, inspection and safe passage. 

Significance of the deal

  • Approximately 9.8 million tonnes of grains have been shipped since the initiative was commenced. 
  • People hoarding the grain in the hope of selling it for a sizable profit owing to the supply crunch were now obligated to sell.   
  • The initiative has also been credited for having made a huge difference to the global cost of living crisis.

Do you know?

  • Ukraine is among the largest exporters of wheat, maize, rapeseed, sunflower seeds and sunflower oil, globally.
  • Its access to the deep-sea ports in the Black Sea enables it to directly approach Russia and Europe along with grain importers from the Middle East and North Africa.

Source: TH

 
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