Impact of Termination of Black Sea Grain Deal between Russia and Ukraine on Singapore's Economy and Mitigation Measures in Place

Debated in Parliament on 2 Aug 2023.

Summary written by AI (learn more)

The Minister for Trade and Industry noted that the termination of the Black Sea grain deal is expected to have a manageable direct impact on Singapore’s economy due to Ukraine’s small share of grain imports.
The Government will monitor global food market effects and strengthen food supply resilience through diversification of import sources, local production, and stockpiling.
These measures aim to keep food prices in check and ensure stability despite disruptions from the deal’s expiry.

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Yip Hon Weng

Mr Yip Hon Weng asked the Minister for Trade and Industry given the termination of the Black Sea grain deal between Russia and Ukraine (a) what is the expected impact on Singapore’s economy; and (b) what are the measures in place to ensure that the food prices in Singapore are kept in check.

Gan Kim Yong

The direct impact of the expiry of the Black Sea grain deal on Singapore’s food supply and economy is expected to be manageable as Ukraine’s share of our grain imports is small. Nevertheless, the Government will continue to monitor the knock-on effects of the expired deal on global food markets and strengthen the resilience of our food supply through import source diversification, local production and food stockpiling.

Summary written by AI (learn more)

The Minister for Trade and Industry noted that the termination of the Black Sea grain deal is expected to have a manageable direct impact on Singapore’s economy due to Ukraine’s small share of grain imports.
The Government will monitor global food market effects and strengthen food supply resilience through diversification of import sources, local production, and stockpiling.
These measures aim to keep food prices in check and ensure stability despite disruptions from the deal’s expiry.

Questions identified by AI (learn more)

Impact of Termination of Black Sea Grain Deal between Russia and Ukraine on Singapore's Economy and Mitigation Measures in Place | PAPERCUTS

Impact of Termination of Black Sea Grain Deal between Russia and Ukraine on Singapore's Economy and Mitigation Measures in Place

Debated in Parliament on 2 Aug 2023.

Summary written by AI (learn more)

The Minister for Trade and Industry noted that the termination of the Black Sea grain deal is expected to have a manageable direct impact on Singapore’s economy due to Ukraine’s small share of grain imports.
The Government will monitor global food market effects and strengthen food supply resilience through diversification of import sources, local production, and stockpiling.
These measures aim to keep food prices in check and ensure stability despite disruptions from the deal’s expiry.

Questions identified by AI (learn more)

Full Transcript

Yip Hon Weng

Gan Kim Yong

Summary written by AI (learn more)

The Minister for Trade and Industry noted that the termination of the Black Sea grain deal is expected to have a manageable direct impact on Singapore’s economy due to Ukraine’s small share of grain imports.
The Government will monitor global food market effects and strengthen food supply resilience through diversification of import sources, local production, and stockpiling.
These measures aim to keep food prices in check and ensure stability despite disruptions from the deal’s expiry.

Questions identified by AI (learn more)

Impact of Termination of Black Sea Grain Deal between Russia and Ukraine on Singapore's Economy and Mitigation Measures in Place

Summary

Questions Identified

Full Transcript

Yip Hon Weng

Gan Kim Yong

Summary

Questions Identified

Impact of Termination of Black Sea Grain Deal between Russia and Ukraine on Singapore's Economy and Mitigation Measures in Place

Summary

Questions Identified

Full Transcript

Yip Hon Weng

Gan Kim Yong

Summary

Questions Identified