New Delhi: On Wednesday, UAE’s Ministry of Economy has ordered the suspension of exports and re-exports of wheat and wheat flour originating from India, for a period of four months, state news agency said. The ministry cited international developments that have affected trade flows as the reason behind the move.
India, in a surprise move on May 14, banned the export of wheat, except to countries backed by a letter of credit (LC) already issued and ensuring food security. Since then, it has allowed shipment of 469,202 tonnes of wheat. In a statement said, Companies wishing to
re-export or export Indian wheat brought to the UAE before May 13 must first apply to the Ministry of Economy.
The United Arab Emirates and India signed a comprehensive trade and investment agreement 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. The agreement, known as the Comprehensive Economic Partnership Trade Agreement (CEPA), took effect on May 1.
