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Seeds

Policy Progress: Annex to the Memorandum of Understanding Was Signed Approving the Maximum Export Volumes of Wheat for 2020/2021 Marketing Year

Policy Progress: Annex to the Memorandum of Understanding Was Signed Approving the Maximum Export Volumes of Wheat for 2020/2021 Marketing Year

On August 17, 2020, the American Chamber of Commerce in Ukraine, representing its member companies – grain market participants, signed the annex to the Memorandum of Understanding for the 2020/2021 marketing year with the Ministry for Development of Economy, Trade and Agriculture. According to this document, the maximum export volume of wheat was agreed at the level of 17.5 million tons.

From the side of grain market participants, an annex to the Memorandum of Understanding was signed by the American Chamber of Commerce in Ukraine, Ukrainian Grain Association, European Business Association, Ukrainian National Agrarian Forum, Union "Millers of Ukraine", Association of Farmers and Private Landowners of Ukraine, All-Ukrainian Association of Bakers, Association of Baking Industry Enterprises "Ukrkhlibprom". Minister Igor Petrashko signed the document from the side of the Ministry for Development of Economy, Trade and Agriculture.

This document plays an essential role in maintaining the balance between domestic grain consumption and the country’s export opportunities. Stability and predictability are key priorities for the Ukrainian grain market and one of the main factors of national food security. This annex, like the Memorandum itself, is an excellent example of sustainable cooperation between the business community and the Ministry for Development of Economy, Trade and Agriculture.

Let us remind you that the Memorandum of Understanding between the Ministry for Development of Economy, Trade and Agriculture and the grain market participants for 2020/2021 MY was signed on July 1, 2020. This document includes interaction mechanisms for participants of the grain market, exchange of information on grain export prospects, monitoring the functioning of the grain market.