Trade bodies fear human catastrophe due to axing BSGI

Business leaders have expressed their deep concern about a possible disruption in smooth supply of wheat due to Russia's decision to axe the Black Sea Grain Initiative (BSGI) from Monday last.

"The discontinuation of BSGI will not only cause man-made human catastrophe but also fail to contain the already sky-rocketed global inflation," said a statement jointly issued by six leading trade bodies here on Wednesday.

They stressed the need for continuation of BSGI to avert human catastrophe as the wheat supplied from Ukraine feeds millions of people around the world.

Under the BSGI, 32 million tonnes of foodstuffs were exported from three Ukrainian ports to 45 countries across three continents - with the proportion of wheat exported through the Black Sea to least developed economies remaining largely unchanged from pre-war levels.

Crucially, the World Food Programme humanitarian operations in Afghanistan, Ethiopia, Kenya, Somalia, Sudan and Yemen will be totally disrupted and lead to starvation of millions people, especially children.

"Continued facilitation of Ukrainian and Russian exports of food and fertilizers thus remains crucial to global food security," reads the statement.

"The businesses, therefore, strongly support withdrawal of sanctions and allow payments, insurance and shipping of Russia's own agricultural exports to ensure extension of BSGI agreement for further terms as it is a vital lifeline for global food security," it added.

International Chamber of Commerce, Bangladesh (ICCB) President Mahbubur Rahman, The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin, Dhaka Chamber of Commerce and Industry (DCCI) President Md Sameer Sattar, Metropolitan Chamber of Commerce and Industry (MCCI) President Md Saiful Islam, Chittagong Chamber of Commerce and Industry (CCCI) President Mahbubul Alam and Foreign Investors' Chamber of Commerce & Industry (FICCI) President Naser Ezaz Bijoy signed the statement.