23th July 2022 (7 Topics)
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Russia, Ukraine sign major grain deal to ease food crisis
Context
In the first deal between Russia and Ukraine ever since the former invaded the latter in February, the two nations signed a UN-mediated deal that will allow the export of 5 million tonnes of grain per month from three Ukrainian ports.
About
- Russia invaded Ukraine in February 2022, against its action of joining NATO alliance.
- This has led to global disorder and violation of Human rights at an extent.
Key highlights of the Deal
- Signed in Istanbul, the deal will allow ships carrying grain — and monitored and inspected by a Joint Coordination Committee.
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- It comprised the representatives of Turkey, Ukraine, Russia and the UN who have pass through a safe corridor in the Black Sea, onwards through the Bosphorus in order to reach global markets.
- The deal, valid initially for 120 days but can be extended for a similar period unless either Russia or Ukraine announces their intention to terminate it.
- Currently, about 20 million tonnes of grain is stuck at Ukrainian ports due a sea blockade enforced by the Russian navy.
Significance
- Support for Ukraine to survive war impacts: The deal will provide a great support for the Ukrainian economy as the summer harvest season is in full swing there, it will help cool down food prices globally that have risen sharply due to shortage of food grains from the country called the world’s food basket.
- Support Global supply chain: According to estimates, the choking of food-grain supplies from Ukraine put in peril the food security of between 400 million to 800 million people globally, with a real risk of vast populations of several countries facing hunger — such as in Somalia, Yemen and Sudan.
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