https://sputnikglobe.com/20220415/egypt-agrees-to-purchase-indian-wheat-as-ukrainian-conflict-threatens-food-security-1094779382.html
Egypt Agrees to Purchase Indian Wheat as Ukrainian Conflict Threatens Food Security
Egypt Agrees to Purchase Indian Wheat as Ukrainian Conflict Threatens Food Security
Sputnik International
Russia and Ukraine are the primary supplier of wheat in Egypt, the largest wheat importer globally. Indian Prime Minister Narendra Modi recently offered to... 15.04.2022, Sputnik International
2022-04-15T10:52+0000
2022-04-15T10:52+0000
2022-08-06T13:36+0000
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Egypt — the world's largest wheat importer -- has approved the Indian wheat for domestic use after years of denial over various issues.Piyush Goyal, India's Minister of Commerce and Industry, has said that Prime Minister Narendra Modi's government is stepping in as the world looks for reliable sources of food supplies.Egypt's Agriculture Ministry has announced the decision after consent was given by a technical delegation that visited Indian states of Madhya Pradesh and Punjab.The Egyptian government decided to diversify "the imports of strategic goods to reduce" any negative impact on wheat supply from Russia and Ukraine, climate change, and drought.Egypt has expedited efforts to ensure the wheat supplies needed to feed its 60 million citizens at highly subsidised rates. Presently, Russia and Ukraine dominate the Egyptian market with low-cost wheat supplies. In 2020, both the countries supplied wheat worth $2.4 billion to Egypt.However, since Moscow's special military operation began in Ukraine, the wheat stockpiles have plummeted, and as per the government's estimates, they stood at just two-and-a-half months.The Indian government, which had 18.99 million tonnes of wheat as of 1 April, is scouting for customers to supply foodgrains as the demand-supply gap caused by the Ukrainian crisis fuelled wheat prices in the global market.India's wheat stock at government-owned godowns is 2.5 times the nation's strategic reserve requirements.World Food Programme (WFP) executive director David Beasley had also acknowledged that the "bullets and bombs in Ukraine could take the global hunger crisis to levels beyond anything we've seen before".It is feared that supply disruption would hit the Middle East, northern Africa, including the Horn of Africa region, and countries like Afghanistan badly.India's attempt to export foodgrains to the world witnessed massive protests from the West. The US claimed the Indian government's subsidy makes foodgrains cheaper, resulting in a disruption in the global market with western producers at a disadvantage.In January this year, 28 lawmakers of the US Congress had compelled the Joe Biden administration to file a petition against India at the WTO.
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wheat, food, egypt, ukraine, food security, europe, narendra modi, inflation
Egypt Agrees to Purchase Indian Wheat as Ukrainian Conflict Threatens Food Security
10:52 GMT 15.04.2022 (Updated: 13:36 GMT 06.08.2022) Russia and Ukraine are the primary supplier of wheat in Egypt, the largest wheat importer globally. Indian Prime Minister Narendra Modi recently offered to supply foodgrains to the needy if World Trade Organisation (WTO) permits.
Egypt — the world's largest wheat importer -- has approved the Indian wheat for domestic use after years of denial over various issues.
Piyush Goyal, India's Minister of Commerce and Industry, has said that Prime Minister Narendra Modi's government is stepping in as the world looks for reliable sources of food supplies.
"Egypt approves India as a wheat supplier…Our farmers have ensured our granaries overflow & we are ready to serve the world," Goyal said on Friday.
Egypt's Agriculture Ministry has announced the decision after consent was given by a technical delegation that visited Indian states of Madhya Pradesh and Punjab.
The Egyptian government decided to diversify "the imports of strategic goods to reduce" any negative impact on
wheat supply from Russia and Ukraine, climate change, and drought.
Egypt has expedited efforts to ensure the wheat supplies needed to feed its 60 million citizens at highly subsidised rates.
Presently, Russia and Ukraine dominate the Egyptian market with low-cost wheat supplies. In 2020, both the countries supplied wheat worth $2.4 billion to Egypt.
However, since
Moscow's special military operation began in Ukraine, the wheat stockpiles have plummeted, and as per the government's estimates, they stood at just two-and-a-half months.
The Indian government, which had 18.99 million tonnes of wheat as of 1 April, is scouting for customers to supply foodgrains as the demand-supply gap caused by the Ukrainian crisis fuelled wheat prices in the global market.
India's wheat stock at government-owned godowns is 2.5 times the nation's strategic reserve requirements.
"A new crisis has emerged where food security has been threatened. I had a discussion with the US President and I suggested that if the WTO gives permission, India can supply food grains to the world as soon as tomorrow," Narendra Modi had said on 13 April.
World Food Programme (WFP) executive director David Beasley had also acknowledged that the "bullets and bombs in Ukraine could take the global hunger crisis to levels beyond anything we've seen before".
It is feared that supply disruption would hit the Middle East, northern Africa, including the Horn of Africa region, and countries like Afghanistan badly.
India's attempt to export foodgrains to the world witnessed massive protests from the West. The US claimed the Indian government's subsidy makes foodgrains cheaper, resulting in a disruption in the global market with western producers at a disadvantage.
In January this year, 28 lawmakers of the US Congress had compelled the Joe Biden administration to file a petition against India at the WTO.
