Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Romania, Ukraine to work on import-export licensing system

Published 20/09/2023, 18:05
© Reuters. FILE PHOTO: A view of the cereal terminal with grain silo in the Black Sea port of Constanta, Romania, May 11, 2022. REUTERS/Anca Cernat/File Photo

BUCHAREST (Reuters) - Romania will work with Ukraine over the next 30 days on a grain export control plan that will help protect Romanian farmers, Agriculture Minister Florin Barbu said on Wednesday.

Romania is among five eastern European Union countries along with Bulgaria, Hungary, Poland and Slovakia that saw a surge of Ukrainian grain imports after Russia invaded Ukraine. This distorted local markets and prompted farmer protests, leading the EU to approve curbs on Ukrainian grain imports - while still allowing grain transiting elsewhere - until Sept. 15.

Poland, Slovakia and Hungary announced their own unilateral bans on Friday, prompting Ukraine to file a complaint against the three states at the World Trade Organization.

Ukraine has proposed to the European Commission, the EU executive, and neighbouring countries an export control plan for four groups of crops - wheat, maize, sunflower and rapeseed - to protect local markets.

On Tuesday, it approved the introduction of export licences for a number of agricultural products for export to the five eastern EU states.

"Export licenses for Ukrainian companies will become operational in 30 days," Romania's Barbu said. "During this time, Romania will also create a clear import-licensing procedure for Romanian farmers and processors."

Barbu added: "I am confident that this mechanism proposed by the European Commission, taken on board by Ukraine and negotiated by us in farmers' interest, will fully function."

Ukraine is one of the world's biggest grain exporters and since Russia's invasion last year, the Romanian Black Sea port of Constanta has become Kyiv's largest alternative export route, with grains arriving by road, rail or barge across the Danube.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Barbu also said Romania would only issue import licences to Romanian farmers and food processors who need to replenish stocks, not intermediaries, and that food safety inspections would be conducted on all imports.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.