The United Arab Emirates suspended Indian wheat exports for four months

DUBAI: The United Arab Emirates (UAE) has ordered a four-month suspension of exports and re-exports of wheat and wheat flour from India, the world’s second-largest grain producer, state news agency WAM said on Wednesday.
The Gulf nation’s economy ministry cited disruptions in global trade flows as the reason for its move, but added that India has approved exports of wheat to the UAE for domestic consumption.
India surprisingly banned wheat exports on May 14, except for wheat exports secured by letters of credit (LCs) already issued and to countries seeking to ensure food security. Since then, shipments of 469,202 tons of wheat have been authorised.
Companies wishing to export or re-export Indian wheat imported into the UAE before May 13, when India’s suspension began, must first submit an application to the Economy Ministry, a statement said.
The United Arab Emirates and India signed a sweeping trade and investment pact in February that aims to cut all tariffs on each other’s goods and boost their annual trade to $100 billion within five years.
Known as the Comprehensive Economic Partnership Trade Agreement (CEPA), the pact went into effect on May 1.


FacebookTwitterInstagramKOO APPYOUTUBE

Sybil Alvarez

"Incurable gamer. Infuriatingly humble coffee specialist. Professional music advocate."

Leave a Reply

Your email address will not be published.