EAEU countries will limit the export of grain, sunflower oil and sugar

Published 2022년 4월 6일

Tridge summary

The EAEU countries are planning to introduce a single quota for the export of grain, sunflower oil, and sugar to ensure food security and stabilize commodity prices. The Board of the Eurasian Economic Commission has submitted a draft decision for discussion, which includes export quotas for crucial food items. Once the states submit their calculations of annual production and consumption, the quota will be distributed. The measures will harmonize export restrictions within the EAEU and balance foreign economic activity. In addition, Krasnodar scientists have developed new durum wheat varieties that are included in the State Register of Breeding Achievements, meeting the needs for durum wheat in a global market expected to experience a shortage.

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Original content

The EAEU countries (Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan) are planning to introduce a single quota for the export of grain, sunflower oil and sugar. This will guarantee food security and partly stabilize commodity prices. The draft decision of the Board of the Eurasian Economic Commission (EEC) on restrictions has been submitted for discussion, which should end on April 18. It is proposed to introduce export quotas for wheat and meslin (a mixture of wheat and rye), barley, corn, sunflower oil and its fractions, as well as white sugar and raw cane sugar. These goods are of "priority importance in ensuring the food security of the member states of the Union and play a significant role in ensuring price stabilization of the situation on the Union's market," the explanatory note to the draft says. Food shortages do not threaten the EAEU countries. But restrictions on the export of vital food will help stabilize prices The EAEU countries will have to submit to the EEC their ...

Source: Oilworld