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The renewal of the UN-backed initiative is vital to continuing to drive global food prices down and ensuring food security worldwide, especially in developing countries.

By renewing the Black Sea Grain Initiative, ending trade restrictions, facilitating exports and managing demand, we can get food, fertilizers and energy to all.

Mr. Guterres expressed gratitude for the work of the UN Task Force led by UNCTAD Secretary-General Rebeca Grynspan, centred on facilitating access of Russian food and fertilizers, which resulted in an agreement.

Container shipping and global value chains have been disrupted and many countries have had to look further afield for suppliers of oil, gas and grain.

UNCTAD’s rapid assessment of the war’s impact on trade and development shows a rapidly worsening outlook for the world economy, with the situation especially alarming for African and least developed countries.