The Verkhovna Rada, Ukraine's parliament, has adopted a law on joining the Grains Trade Convention, with 319 lawmakers voting for the document.

The law envisages Ukraine's accession to the convention, which was signed in London on December 7, 1994. It aims at ensuring favorable conditions for the development of international cooperation in grains trade.

In particular, the convention seeks to expand international trade in grain, stabilize the international grain markets in the interests of all members of the convention, enhance world food security and promote the development of countries whose economies largely depend on commercial sales of grain.

Ukraine applied for membership of the International Grains Council in 1997, and received the status of a temporary member and exporting country.

An explanatory note to the bill states that its adoption and implementation will ensure Ukraine's full membership of the International Grains Council. This will favor the expansion of international cooperation, especially in the context of Ukraine's membership of the World Trade Organization, as well as Ukraine's entry on European and world markets, and the development of the domestic grain industry.