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UAE Bans Exports of Wheat & Flour Originating From India
UAE Bans Exports of Wheat & Flour Originating From India
Sputnik International
India imposed an export ban last month owing to a decline in production caused by a heat wave. Nonetheless, it continues to trade with some lower-income... 15.06.2022, Sputnik International
2022-06-15T17:15+0000
2022-06-15T17:15+0000
2022-10-19T20:02+0000
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The United Arab Emirates has imposed a four-month export restriction on all varieties of wheat and flour that it has purchased from India, citing a mutually agreed contract that binds it to consume the grains domestically.The ministry also landed conditions on traders who sell wheat from other sources to third countries. No firms can export or re-export wheat for the next four months without the government's permission.Government sources in New Delhi told Sputnik that the UAE requested additional wheat supply from India, which is under consideration. Besides UAE, India is also assessing similar requests from Bangladesh, Indonesia, Yemen, and Oman.India has faced severe criticism from the West since it imposed restrictions on wheat exports on 13 May.India’s Foreign Minister S. Jaishankar has suggested his country’s export ban was imposed to prevent "diversion to high-income countries."The Indian minister alleged that international traders based out of Singapore and Dubai stocked Indian wheat to later sell it off, resulting in a four-fold price increase.Demand for Indian wheat increased following the disruption in supply from Russia and Ukraine, which covered around 25 percent of global demand before the crisis in Eastern Europe.India imposed an export ban following a sharp price rise in the domestic market after a severe heat wave reduced its wheat yield.
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wheat, ukraine, uae, subrahmanyam jaishankar, dubai, sputnik
UAE Bans Exports of Wheat & Flour Originating From India
17:15 GMT 15.06.2022 (Updated: 20:02 GMT 19.10.2022) India imposed an export ban last month owing to a decline in production caused by a heat wave. Nonetheless, it continues to trade with some lower-income countries. The UAE usually imports a significant quantity of wheat from India.
The United Arab Emirates has imposed a four-month export restriction on all varieties of wheat and flour that it has purchased from India, citing a mutually agreed contract that binds it to consume the grains
domestically.
"This decision comes in view of the international developments that have affected trade flows, and in appreciation of the solid and strategic relations that bind the UAE and India, especially after the signing of the Comprehensive Economic Partnership Agreement between the two countries," the UAE’s Economy Ministry explained.
The ministry also landed conditions on traders who sell wheat from other sources to third countries. No firms can export or re-export wheat for the next four months without the government's permission.
Government sources in New Delhi told Sputnik that the UAE requested additional wheat supply from India, which is under consideration. Besides UAE, India is also assessing similar requests from Bangladesh, Indonesia, Yemen, and Oman.
India has faced severe criticism from the West since it imposed restrictions on wheat exports on 13 May.
India’s Foreign Minister S. Jaishankar has suggested his country’s export ban was imposed to prevent
"diversion to high-income countries."The Indian minister alleged that international traders based out of Singapore and Dubai stocked Indian wheat to later sell it off, resulting in a four-fold price increase.
Demand for Indian wheat increased following the disruption in supply from Russia and Ukraine, which covered around 25 percent of global demand before the crisis in Eastern Europe.
India imposed an export ban following a sharp price rise in the domestic market after a severe heat wave reduced its wheat yield.
