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 largest producer of the grain, state information company WAM stated on Wednesday.
The Gulf nation’s economic system ministry cited interruptions to international commerce flows as the rationale for its transfer, however added that India had authorized exports of wheat to the UAE for home consumption.
India banned wheat exports in a shock transfer on Could 14, aside from these backed by already issued letters of credit score (LCs) and to nations in search of to make sure meals safety. Since then, it has allowed shipments of 469,202 tonnes of wheat.
Firms wishing to export or re-export Indian wheat introduced into the UAE earlier than Could 13, when India’s suspension started, should first make an software to the economic system ministry, it stated in an announcement.
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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, referred to as the Complete Financial Partnership Commerce Settlement (CEPA), took impact on Could 1.