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Agriculture

Policy Progress: Annex to the Memorandum of Understanding Signed Approving the Maximum Export Volumes of Wheat for 2019/2020 MY

Policy Progress: Annex to the Memorandum of Understanding Signed Approving the Maximum Export Volumes of Wheat for 2019/2020 MY

On March 30, 2020, the grain market participants, member companies of the American Chamber of Commerce in Ukraine, signed the annex to the Memorandum on the maximum export volumes of wheat for the 2019/2020 marketing year together with the Ministry for Development of Economy, Trade and Agriculture. According to this document, the maximum volume of wheat exports was agreed at the level of 20.2 million tons (for all classes).

From the side of grain market participants, the annex to the Memorandum of Understanding was signed by the American Chamber of Commerce in Ukraine, Ukrainian Grain Association, European Business Association, the Grain and Feed Trade Association  (GAFTA), Ukrainian National Agrarian Forum, Union "Millers of Ukraine". Minister Igor Petrashko signed the document from the side of the Ministry for Development of Economy, Trade and Agriculture.

This document is one of the factors in maintaining the balance between domestic grain consumption and export opportunities. Stability and predictability are key priorities for Ukraine and one of the main factors of national food security. This annex, like the Memorandum itself, is an excellent example of a well-established cooperation between the business community and the Ministry for Development of Economy, Trade and Agriculture of Ukraine.

Let us remind you that the Memorandum of Understanding between the Ministry for Development of Economy, Trade and Agriculture of Ukraine and the grain market participants for 2019/2020 MY was signed on 3 October 2019. This document includes interaction mechanisms for the participants of the grain market, exchange of information on grain export prospects, monitoring the functioning of the grain market.