Wheat Exports: UAE decides not to take wheat from India, will suspend exports for four months
The United Arab Emirates (UAE) has taken a big decision not to import wheat and wheat flour from India. It has issued an order for suspension of four months in export and re-export. This information has been shared in a report on Wednesday. According to the information, the Ministry of Economy of the Gulf country has given the reason behind this decision to the interruption in global trade flow.
On behalf of the ministry, it has been said that India had approved the export of wheat to the United Arab Emirates for domestic consumption. According to the report, companies wishing to export or re-export Indian wheat brought to the UAE before May 13 will have to first apply to the Ministry of Economy.
However, the Directorate General of Foreign Trade (DGFT) has said in this notification issued on May 13 that export of consignments for which irrevocable letters of credit (LoCs) have been issued on or before the date of notification will be allowed. Significantly, India is the world’s second largest producer of cereals and in the past, India had banned the export of wheat with immediate effect as part of measures to control rising domestic prices.