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Export Bans, Black Sea Tensions, Affecting Food Markets - WTO Agriculture and Commodities Division
11.09.2023 17:54 "Agro Perspectiva" (Kyiv) —
Rice prices have risen in the wake of new trade restrictions, a few weeks ahead of an October meeting of WTO senior officials that is intended to lay the groundwork for progress at the trade body’s thirteenth ministerial conference in five months’ time. Markets around the world have reacted to India’s ban on exports of non-basmati rice, according to the monthly «Market Monitor» produced by the Agricultural Market Information System (AMIS). The Russian Federation has also extended its rice export ban until the year-end, while the Philippines has set price ceilings for rice in a bid to ensure the staple remains accessible to consumers. Although the overall index of food prices fell in August, grain and oilseed markets have been under pressure since the Russian Federation withdrew security guarantees for Black Sea shipping and terminated its involvement in the Black Sea Grain Initiative — a mechanism brokered by the UN and Türkiye which has eased exports of over 32 million metric tons of grain and food products since its launch in July 2022. Making a breakthrough in the WTO’s ongoing agriculture negotiations would be «crucial» in addressing unresolved challenges facing the sector, including those associated with food insecurity, high food prices and inflation, WTO Director-General Ngozi Okonjo-Iweala told Foreign Affairs editor Daniel Kurtz-Phelan in a 24 August interview.
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