Six trade bodies have laid emphasis on continuing the 'Black Sea Grain Initiative (BSGI) Agreement' to avert human catastrophe.
They observed that the Bangladesh businesses are concerned about the disruption of smooth supply of wheat to feed millions of people around the world due to Russia's decision to axe the Black Sea Grain Initiative ("BSGI") from 17 July, said a press release on Wednesday.
The bodies are Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the International Chamber of Commerce - Bangladesh (ICC-B), the Metropolitan Chamber of Commerce and Industry (MCCI), the Dhaka Chamber of Commerce and Industry (DCCI), the Chattogram Chamber of Commerce and Industry (CCCI) and the Foreign Investors Chamber of Commerce and Industry (FICCI).
The BSGI deal negotiated by the United Nations and Turkey allowed Ukraine to export millions of tonnes of grain through the Black Sea amid the ongoing war with Russia.
The deal expired on 17 July.
In a joint statement, they mentioned that the discontinuation of BSGI will not only cause man-made human catastrophe but also fail to contain the already sky-rocketed global inflation.
Under BSGI 32 million metric tons of foodstuffs were exported from three Ukrainian ports to 45 countries across three continents - with the proportion of wheat exported through the Black Sea to least developed economies remaining largely unchanged from pre-war levels.
Crucially, the World Food Programme humanitarian operations in Afghanistan, Ethiopia, Kenya, Somalia, Sudan and Yemen will be totally disrupted and lead to starvation of millions people, especially children.
Continued facilitation of Ukrainian and Russian exports of food and fertilizers thus remains crucial to global food security.
The Businesses, therefore, strongly support withdrawal of sanctions and allow payments, insurance and shipping Russia's own agricultural exports to ensure extension of BSGI agreement for further terms as it is a vital lifeline for global food security.