UAE wheat ban: According to the statement, companies that imported Indian wheat into the UAE prior to May 13, when the suspension began, must first apply to the ministry.
According to state news agency WAM, the UAE’s economy ministry has ordered a four-month suspension of wheat and wheat flour exports and re-exports from India. The UAE and India signed a broad trade and investment agreement in February with the goal of lowering all tariffs on each other’s goods and increasing their annual trade to $100 billion within five years.
On May 1, the Comprehensive Economic Partnership Trade Agreement (CEPA) went into effect. In the meantime, bilateral trade between India and the UAE has increased from USD 180 million (Rs 1373 crore) per year in the 1970s to USD 60 billion (Rs 4.57 lakh crore) in 2019 20, making the UAE India’s third-largest trading partner after China and the United States. Furthermore, with an export value of USD 29 billion (Rs 2.21 lakh crore) for fiscal year 2019-2020, the UAE is India’s second-largest export destination (after the US).
The Ministry also stated that companies wishing to export/re-export non-Indian wheat and wheat flour products may do so after obtaining export permission from the Ministry. This application must also include all documents and files that help verify the origin of the shipment being exported/re-exported. The export permit issued to companies is valid for 30 days from the date of issuance and must be submitted to the relevant customs department to complete the procedures for exporting the shipment out of the UAE, according to the statement.
