Black Sea grain exports deal must enable full agricultural value chain, ICC says

ICC Secretary General John W.H. Denton AO said:

“The strategic importance of today’s agreement for global food security cannot be overstated. Projections from our network suggest that restoring shipments of Ukrainian grains and vegetable oils via the Black Sea is absolutely imperative to avert a severe cost-of-living – and potentially hunger – crisis in the developing world.

“We applaud the leadership of the UN Secretary General in forging today’s agreement – and especially welcome the opportunities that have been afforded to the private sector to inform elements of this crucial diplomatic accord. The deal must work to enable the full agricultural value chain to start moving produce to the markets that need it without delay. We encourage careful monitoring by the United Nations to address any unanticipated real-economy frictions that arise in the implementation of the agreement.

“From a global food security perspective, it’s vital that the accord to reopen the Black Sea is implemented as an integrated package with a corresponding political focus on unblocking agricultural exports from the Russian Federation. Trade in Russian fertilizers must resume in the coming weeks if the international community is to avert the risk of lower crop yields creating further food insecurity for millions in 2023. We welcome the clarification this week from the European Council that prevailing EU sanctions should not affect trade in any agricultural products – and encourage all governments to work with the private sector to create the conditions necessary to restore exports of Russian fertilizers to close to pre-war levels.”