On July 1, 2020, the American Chamber of Commerce in Ukraine, representing its member companies – grain market participants, signed the Memorandum of Understanding with the Ministry for Development of Economy, Trade and Agriculture of Ukraine for the new marketing year 2020/2021.
Memorandum 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. The document contains mechanisms for the interaction of grain market participants, exchange of information on grain export prospects, monitoring of grain market functioning.
From the side of grain market participants, 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.
The parties agreed to monitor the state of grain export from Ukraine on a monthly basis. Additionally, the signed document is designed to contribute to stabilization of the Ukrainian grain market by stimulating the uninterrupted grain exports. Grain market participants will be informed in advance about the critical grain export opportunities as well as changes in foreign trade regimes. In addition, Annex to the Memorandum of Understanding will be signed to establish the maximum export volumes of wheat in 2020/2021 MY.
The Memorandum for the new marketing year is a result of sustainable B2G cooperation between the business community and the Ministry of Economic Development, Trade and Agriculture of Ukraine.