Ukraine Grain Deal to be Extended
Ukraine is set to extend a grain export deal with Turkey, according to Turkish officials. The agreement, which was due to expire at the end of 2021, will now be extended for another year.
Background of the Deal
The deal was first signed in 2018 and was designed to help Ukraine increase its grain exports to Turkey. Under the agreement, Ukraine was allowed to export up to 1.5 million tons of grain to Turkey each year. The agreement was initially set to expire at the end of 2021, but the two countries have now agreed to extend it for another year.
Benefits of the Deal
The deal has been beneficial for both countries. For Ukraine, it has provided a much-needed boost to its grain exports. The country has seen a significant increase in its grain exports to Turkey since the deal was signed. In 2020, Ukraine exported 1.3 million tons of grain to Turkey, up from just 500,000 tons in 2018.
For Turkey, the deal has helped to secure a reliable source of grain. The country has been struggling to meet its domestic demand for grain, and the deal with Ukraine has helped to fill the gap.
Impact of the Extension
The extension of the deal is expected to have a positive impact on both countries. For Ukraine, it will provide a further boost to its grain exports. The country is already the world’s third-largest exporter of grain, and the extension of the deal with Turkey is likely to help it maintain its position.
For Turkey, the extension of the deal will help to ensure a steady supply of grain. The country is heavily reliant on imports to meet its domestic demand, and the deal with Ukraine will help to ensure that it has a reliable source of grain.
Future of the Deal
The extension of the deal is a positive sign for both countries. It shows that the two countries are committed to working together to ensure a steady supply of grain. It is likely that the deal will be extended again in the future, as both countries continue to benefit from the agreement.
Conclusion
The extension of the grain export deal between Ukraine and Turkey is a positive sign for both countries. The deal has been beneficial for both countries, providing Ukraine with a much-needed boost to its grain exports and Turkey with a reliable source of grain. The extension of the deal is likely to be beneficial for both countries in the long-term, and it is likely that the deal will be extended again in the future.