UAE to Suspend Indian Wheat Exports for Four Months

The United Arab Emirates (UAE) has ordered a four-month ban on wheat and wheat flour exports and re-exports from India, the second-largest producer of the grain in the world.

The Gulf country's economy ministry said that the decision was made because of problems with global trade. However, India has given the UAE permission to import wheat for its own use.

India banned wheat exports on May 14 with the exception of shipments backed by previously issued letters of credit (LCs) and those destined for nations seeking to ensure food security. Since then, shipments of 469,202 tonnes of wheat have been permitted.

According to a statement from the ministry, companies wishing to export or re-export Indian wheat brought into the UAE before India's suspension began on May 13 must first submit an application to the economy ministry.

In February, the UAE and India signed a comprehensive trade and investment agreement. The goal is to get rid of all tariffs on each other's products and increase their annual trade to $100 billion within five years.

The Comprehensive Economic Partnership Trade Agreement (CEPA) entered into force on May 1.

Sources:

https://www.ndtv.com/world-news/uae-to-suspend-exports-of-indian-wheat-for-4-months-report-3068622