UAE ordered a four-month suspension in exports???
The United Arab Emirates (UAE) has suspended the export and re-export of indian wheat and wheat flour for 4 months. According to the news agency, an order in this regard has also been issued by the uae government on Wednesday. According to the report, the UAE's Ministry of Economy has cited a blockage in global trade flows as the reason behind this move.
India imposed a ban on Wheat Export on 14 May
On May 14, india had banned the export of wheat. However, this ban excluded countries that were already supported by letters of credit (LCs) or countries that were required to provide wheat to ensure food security. Since this ban, india has allowed the shipment of 469,202 tonnes of wheat.
India-UAE Agreement was signed in February
The United Arab Emirates and india signed a comprehensive trade and investment agreement in February. Under this agreement, the two countries want to cut all tariffs on each other's goods and aim to increase their annual trade to $100 billion within 5 years. The agreement, known as the Comprehensive Economic Partnership Trade Agreement (CEPA), came into effect from May 1.
