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May 19, 2024 3:01 pm

Ukraine Black Sea grain deal extended for at least 60 days

Ukraine’s grain exports deal with Turkey, which allows the country to export grain via the Black Sea, has been extended for at least 60 days. The extension comes as a relief to Ukraine’s agricultural sector, which has been hit hard by the COVID-19 pandemic and related economic downturn.

The deal, which was signed in December 2020, allows Ukraine to export up to 1.5 million tonnes of grain to Turkey via the Black Sea. The extension of the agreement was announced by Ukraine’s Ministry of Economy in a statement on Monday.

“The extension of the agreement will provide Ukrainian farmers with the opportunity to continue exporting grain to Turkey, which is one of Ukraine’s key trading partners,” the statement said.

The Black Sea region is a major hub for grain exports, with Ukraine and Russia among the top producers. Ukraine’s agricultural sector has been hit hard by the pandemic, with farmers facing a range of challenges including logistical disruptions and reduced demand from key export markets.

The extension of the deal with Turkey is seen as a positive development for Ukraine’s farmers, who have struggled to cope with the economic fallout from the pandemic. The move is also expected to boost Ukraine’s economy, which has been hit hard by the pandemic and related lockdown measures.

Turkey is a key trading partner for Ukraine, with the two countries maintaining close economic ties. Ukraine is one of the top grain exporters to Turkey, with wheat and corn among the key exports. The extension of the Black Sea grain deal is expected to further strengthen the relationship between the two countries and provide a much-needed boost to Ukraine’s agricultural sector.

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