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UAE bans exports of Indian wheat

Abu Dhabi will use grain supply for domestic use only

The United Arab Emirates (UAE) has introduced a four-month halt to exports and re-exports of wheat and wheat flour produced in India, state news agency WAM reported on Wednesday, citing the country’s Economy Ministry.

The Gulf nation says it is seeking to secure domestic supplies due to interruptions to global trade flows. The resolution applies to all wheat varieties: hard, ordinary, and soft wheat, as well as wheat spelt flour.

“Companies wishing to export/re-export wheat and wheat flour varieties of Indian origin, which were imported into the country before May 13, must submit a request to the ministry to obtain permission to export,” it said, adding that India had approved exports of wheat to the UAE for domestic consumption only.

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India explains wheat export ban

India banned wheat exports a month ago, except to countries backed by pre-existing letters of credit and those seeking to ensure food security. Since then, India has allowed shipments of 469,202 tons of wheat.

The latest restrictions introduced by both nations came amid extreme disruptions in global food supplies, which have been exacerbated by the Russia-Ukraine conflict. Both countries are key global wheat exporters.

The UAE and India signed a broad trade and investment pact in February, which is known as the Comprehensive Economic Partnership Trade Agreement (CEPA). This seeks to cut all tariffs on the countries’ goods and aims to increase their annual trade to $100 billion within five years. It took effect on May 1.

For more stories on economy & finance visit RT’s business section

https://ift.tt/Jog2YdD 15, 2022 at 08:47PM
from RT – Daily news

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