UAE suspends Indian wheat exports for four months

A combine harvester deposits harvested wheat into a tractor cart in a field on the outskirts of Ahmedabad, India March 16, 2022. REUTERS/Amit Dave

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DUBAI, June 15 (Reuters) – 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, the UAE said. official WAM news agency. said Wednesday.

The Gulf nation’s economy ministry cited interruptions in global trade flows as the reason for its decision, but added that India had approved wheat exports to the United Arab Emirates for domestic consumption.

India banned wheat exports in a surprise decision on May 14, except those backed by letters of credit (LCs) already issued and to countries seeking to ensure food security. Since then, it has enabled shipments of 469,202 tonnes of wheat. Read more

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Companies wishing to export or re-export Indian wheat imported into the UAE before May 13, when India’s suspension began, must first file an application with the Ministry of Economy, it said. he stated in a statement.

The United Arab Emirates and India signed a sweeping trade and investment pact in February that aims to reduce all tariffs on each other’s goods and boost their annual trade to $100 billion. five years here. Read more .

The pact, known as the Comprehensive Economic Partnership Agreement (CEPA), entered into force on May 1.

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Reporting by Lina Najem; Editing by Clarence Fernandez

Our standards: The Thomson Reuters Trust Principles.

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