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In News
- Russia recently re-joined the Black Sea Grain deal.
About Black Sea Grain Initiative
- 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.
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Source: TH
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