Bangladesh’s business leaders on Wednesday said they strongly support withdrawal of sanctions and Black Sea Grain Initiative (BSGI) agreement must continue to avert human catastrophe.

“The businesses 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,” they said in a joint press statement.

The Bangladesh businesses are “concerned” about the disruption of smooth supply of wheat to feed millions of people around the world due to Russia’s decision to axe the Black Sea Grain Initiative (BSGI) from 17 July.

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The discontinuation of BSGI will not only cause man-made human catastrophe but also fail to contain the already sky-rocketed global inflation, said the business leaders.

Under BSGI 32 million metric tons 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.

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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.

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Continued facilitation of Ukrainian and Russian exports of food and fertilizers thus remains crucial to global food security, said the business leaders.

Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Md Jashim Uddin, International Chamber of Commerce, Bangladesh (ICCB) President Mahbubur Rahman, 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.

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