UAE to droop exports of Indian wheat for 4 months

The United Arab Emirates (UAE) has ordered a four-month suspension in exports and re-exports of wheat and wheat flour originating from India, the world’s second greatest producer of the grain, state information company WAM mentioned on Wednesday.

The Gulf nation’s economic system ministry cited interruptions to international commerce flows as the explanation for its transfer, however added that India had authorised exports of wheat to the UAE for home consumption.

India banned wheat exports in a shock transfer on May 14, apart from these backed by already issued letters of credit score (LCs) and to international locations searching for to make sure meals safety. Since then, it has allowed shipments of 469,202 tonnes of wheat.

Companies wishing to export or re-export Indian wheat introduced into the UAE earlier than May 13, when India’s suspension started, should first make an utility to the economic system ministry, it mentioned in a press release.

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The UAE and India signed a broad commerce and funding pact in February that seeks to chop all tariffs on one another’s items and goals to extend their annual commerce to $100 billion inside 5 years..
The pact, often called the Comprehensive Economic Partnership Trade Agreement (CEPA), took impact on May 1.