The Black Sea grain deal is integral to world food security. Its collapse will imperil millions of lives, says the International Chamber of Commerce (ICC) Secretary General John WH Denton AO.
Global food security must not be allowed to fall victim to the conflict in Ukraine.
the creation of a humanitarian food corridor to allow for the export of grain and sunflower seeds from Ukraine in exchange for a relaxation of sanctions against Russian fertilisers.At the time, food prices had soared to record levels, with food price inflation reaching as high as 1,000 per cent in countries such as Lebanon, and our view was that only resuming both Ukrainian food and Russian fertiliser trade could avert a global hunger catastrophe.
Even in the few days since the deal was scuppered, wheat futures have risen around 4 per cent. And the uncertainty around whether the agreement will be restored will only increase volatility in prices for food staples - not just wheat, but other crops as well given the impact that a potential shortage of fertilisers, such as ammonia, will have on yields all over the world.
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