South Africa tour of India 2019
Report: Exports Of Indian Wheat Suspend by UAE
The UAE (United Arab Emirates) has ordered a 4-month suspension in exports and re-exports of wheat and wheat flour originating from India. According to state news agency WAM, India is the world's 2nd biggest producer of grain.
The Gulf nation's economy ministry cited interruptions to global trade flows as the reason for its move but added that India had approved wheat exports to the UAE for domestic consumption.
India banned wheat exports on May 14, except for those backed by already-issued letters of credit (LCs) and 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 13, when India's suspension began, must first apply to the economy ministry, it said in a statement.
In February, the UAE and India signed a broad trade and investment pact that seeks to cut all tariffs on each other's goods and aims to increase their annual trade to $100 billion within 5 years.
The pact, the Comprehensive Economic Partnership Trade Agreement (CEPA), took effect on May 1.
