UAE Suspends Exports Of Indian Wheat For 4 Months
- This decision comes amid international developments.
- The resolution applies to all wheat varieties.
- The export permit that will be issued will be valid for 30 days.
Dubai: 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 biggest producer of the grain, state news agency WAM said on Wednesday.
The Gulf nation’s economy ministry cited interruptions to global trade flows as the reason for its move, but added that India had approved exports of wheat to the UAE for domestic consumption. India banned wheat exports on May 14th, except for those backed by already issued letters of credit (LCs) and to countries seeking to ensure food security.
Since then, it has allowed shipments of 469,202 tonnes of wheat. Companies wishing to export or re-export Indian wheat brought into the UAE before May 13th, when India’s suspension began, must first make an application to the economy ministry, it said in a statement. The UAE and India signed a broad trade and investment pact in February that seeks to cut all tariffs on each other’s goods and aims to increase their annual trade to $100 billion within five years.