World Trade Organization: Extension of Grain Deal Will Lower Product Prices

The World Trade Organization (WTO) expects that the extension of the grain deal will help lower the prices of grains and other agricultural products worldwide, according to a statement by WTO spokesperson Daniel Bruegel. Bruegel noted that "the extension of the grain export agreement in the Black Sea is welcome news, as it will continue to assist millions of people around the world suffering from acute hunger by stabilizing markets, and we hope it will lead to a decrease in the prices of grains and other agricultural products." He also pointed out that WTO Director-General Ngozi Okonjo-Iweala previously stated that the closure of trade from the Black Sea threatens to create a global food crisis, with Africa and the Middle East likely to suffer the most. The grain agreement, signed on July 22, includes the export of grains, food, and Ukrainian fertilizers via the Black Sea from three ports, including Odessa.